07 August 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.
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Creating a new online payments standard
The World Wide Web Consortium (W3C) is creating a universal spec for how online payments should be described and conducted. Currently, each company that works with payments has invented its own means of customer interactivity so the W3C is working to see what might be done better.
ASB and smartwatches
ASB has become the first bank in New Zealand to offer customers the ability to transfer money between accounts on both Apple and Android smartwatches using their unique apps. Now you really can do everything on a smart watch.
Wearables, wearables everywhere.
According to a new report from Tractica, payment transactions on wearables are growing at a huge rate; about 177 percent a year. Wearables are positioning themselves to be the next big thing representing 20 per cent of mobile proximity payments by 2020. Despite the expected growth, wearable payment transaction volume will represent less than 1 percent of total cashless transactions in retail by 2020, which are expected to cross $50 trillion by that time.
Want to transfer money? Just say it.
In response to the trend of speech-operated devices, Dutch Bank ING has come out with hands-free banking (named Inge) as an alternative to touch-screen. Every voice has its own specific qualities, making it suitable as a unique and secure password.
IP Payments has a new owner
Bambora Group has stepped out of Europe once again, this time to acquire the online payments solution provider IP Payments. This is not their first time dabbling in the APAC, acquiring Keycorp in May 2014. Bambora aims to provide a broader and deeper set of payment services and capabilities in this region.
Bypassing banks in the Netherlands?
Adyen BV, a Dutch tech company, is taking on the role banks have been playing in handling payments for merchants. Adyen is the leading technology provider powering payments for global commerce in the 21st century with a seamless solution for mobile, online and in-store transactions. And now they have secured $250 million from investors who valued the Amsterdam-based startup at $1.5 billion.