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Weekly top reads

Industry news top reads 3-9 July 2015

10 July 2015

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 connect@paymentsnz.co.nz  

Top reads

Snapper and Semble
Wellingtonians with Androids can now pay for their bus trip by swiping their smartphone. About 50,000 Snapper users can use the app created by Semble anywhere a Snapper card is accepted.

Citicoin for Citibank
According to the International Business Times, Citigroup has built its own digital currency based on bitcoin and the blockchain, aptly named CitiCoin. Kenneth Moore, Head of Citigroup says “it’s to make sure we are at the leading edge of this technology and that we can exploit the opportunities within it.”

Brighter money is coming
From mid-October the Reserve Bank of New Zealand will begin issuing new $5 and $10 banknotes. The $20s, $50s and $100s will follow in April 2016. The key aim of the project is to benefit from technological advances in security features. For more information about the banknote project you can visit the Reserve Bank website and the Brighter Money website.

Zomato goes Cashless
Zomato, the global restaurant search and discovery app, has announced that it will soon be launching its Cashless payment services in New Zealand, creating 100 new jobs in the process.

Apple ventures into new territory
Apple is moving to patent a Wallet App person-to-person (P2P) payment feature that will let iPhone users transfer money to each other directly. Because it is essentially cutting out the middleman, this new app could potentially make PayPal and Venmo obsolete.

If you haven’t heard of Venmo, it’s a way to send money instantly for free, but what’s surprising is that it’s also a social media site. Meaning you can watch people’s credit card transactions the same way you watch your friend’s lives on your Facebook feed – you can find out more about it on this podcast.

Tech advancements for keeping mobile payments safe
For 2015, Troy Bernard, Head of Digital Products at Discover Network, lists encryption, tokenization, and 3-D Secure 2.0 as just a few of the important advancements that can keep both traditional and mobile channels secure, as the rise of mobile payment solutions is spurring changes in the strategies of stakeholders when it comes to security.

Why use mobile payments?
This article looks at some key reasons why consumers could be convinced to leave cash and cards at home, and pay with mobile phones instead. The top reasons were:

  1. Mobile payments are secure.
  2. Mobile wallets, not bulging wallets.
  3. Mobile payments are quick and easy to set up
  4. The dynamic duo - mobile payments and value added services.

In the future, we will also see a blurring of in-store, online, in-app m-commerce and e-commerce transactions, giving consumers greater flexibility. Just to name a few...

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