05 August 2016
Below are our top reads from the last seven days of industry news*. Every Friday we'll publish our picks from industry developments, stories and announcements right here so you can keep you up to date with what's happening in payments here and overseas.
If you'd like to have our top reads emailed to you every Friday, let us know by emailing firstname.lastname@example.org
Payments NZ: Environmental scan refresh
This scan refresh takes a look at the themes from our original 2015 environmental scan and assesses them against innovations and developments that have occurred in the payments space over the past year. The refresh corroborates our findings and also points to the increasing pace of change underway across payments around the world.
Kiwi self-pay technology taking off in the US
US petrol and convenience store chain Speedway is to use New Zealand self-pay technology – each of their 2770 stores across the US will be fitted with self-pay terminals including components from the Auckland company Invenco (ranked seventh in the latest TIN100 Report). The terminals will allow customers to pay at the pump, and order things from Speedway's on-site convenience stores.
The Bitfinex bitcoin hack
More than $60 million worth of bitcoin was stolen from one of the world's largest digital currency exchanges, Bitfinex, this week and so far it’s still unclear exactly how it happened. What is known is that multi-signature accounts were impacted, losses for Bitfinex customers were significant, bitcoin prices have fallen sharply, and Bitfinex remains offline. But crucially, what is unknown is who was behind it, how far its effects will reach, and when it will all be back up and running.
P2P payments network expands through Visa and MasterCard deals
Early Warning, the operator of the US clearXchange P2P payments network has signed deals with Visa and MasterCard to expand the reach of their P2P service. Visa Direct and MasterCard Send platforms mean US debit card holders can send money to each other, significantly expanding clearXchange's reach.
Voice ID becoming popular
Barclay’s has turned to voice recognition as a form of secure ID. All Barclays' personal telephone banking customers are eligible to use the system. A number of other banks are at various stages of introducing similar technology. The technology is so smart that it can still identify customers when they have a cold or sore throat, or with age. It can even recognise when a voice changes during gender reassignment.
Cybercrime and the Olympics
The number of malicious URLs detected in Brazil has grown by 83 percent in the months leading up to the Olympics. According to Fortinet, there’s been an increase in spoofed domains used in phishing attacks, particularly those that try to mimic payment systems and government institutions.
*These articles cover a range of topics from broad payments industry news here and overseas. They do not represent the views of Payments NZ and are not endorsements.