10 June 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.
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Pay by Bank app
VocaLink has announced that its “Pay by Bank app” service is soon to be available to customers of four of the UK’s biggest banks (Bank of Scotland, Barclays, Halifax and Lloyds Bank). The app uses the bank’s own security methods to verify the user and allows money to move instantly from a customer account to a merchant account through real-time payments. Users can make a purchase online, via an app or in store.
Visa introduces customisable commerce app for US financial institutions
Visa has come up with its own Digital Commerce App that will allow financial institutions to customise and deliver their own branded mobile app for their customers to use. Launched this week, the app isn’t a digital wallet, it’s a digital commerce platform that enables a variety of features including peer-to-peer payments, loyalty and rewards integration and digital issuance and re-issuance capabilities.
What’s happening in the world of Bitcoin?
The price of Bitcoin is nearing the $600 mark again, the exact reason for the rise is unclear, but the continuing uncertainty over the Chinese yuan is thought to be pushing the price of bitcoin higher. Meanwhile, Blockchain is about to go through its next halving event, predicted to occur on 10 July this year and Bitcoin commentators are worried that the decrease will push miners to leave as the mining reward is poised to decrease from 25 bitcoins per block to 12.5.
ACI Worldwide partners with Raphaels bank
ACI Worldwide has announced a collaboration with UK banking pioneer Raphaels Bank. The partnership will mean a large number of financial institutions get access to the Faster Payments Scheme in the UK. Raphaels’ reputation for enabling innovation in payments, coupled with ACI’s UP Immediate Payments Solution will provide an alternative for PSPs and challenger banks looking to participate in the Faster Payments Scheme, at a scale appropriate for their needs.
Apple Pay rival closing up shop
Another competitor bites the dust as CurrentC closes up shop, leaving its rivals Apple Pay, Samsung Pay and Android Pay in the clear. As these systems gained traction, CurrentC bumped into several obstacles. CurrentC relied on QR codes rather than the fingerprint identification used by competitors potentially making it less convenient and less secure than the competition. As of June 28, all active accounts will be disabled and the service will end.
Samsung Pay enters Europe
Samsung has beaten its competitors to the punch, entering mainland Europe as a mobile payments provider. Galaxy phone users in Spain can now use their phone for mobile payments. A Visa report last year noted that Spain has the most contactless payment terminals of any European country and Samsung has said its service will be compatible will all of these.
*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.