07 April 2017
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 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
ACCC says ‘no’ to collective bargaining with Apple
The Australian Competition and Consumer Commission (ACCC) has made a final ruling and denied permission for four Australian banks to collectively bargain with Apple to allow iPhone users to make payments from their digital wallets, instead of Apple Pay. ACCC chairman Rod Sims said they were concerned the proposed move would likely "reduce or distort competition" in several markets.
ANZ rolling out voice payments
ANZ has announced that it will be introducing voice biometrics to their Australian customers from the middle of this year. The voice-activated payments system has been designed to improve security on mobile devices for higher value transactions. Their customers will be able to use their voice to authorise payments over $1,000 through the bank’s mobile apps.
RegTech driving FinTech innovation?
This article looks at what effect upcoming regulation in the UK and Europe could have on innovation and the banking industry. The second Payment Services Directive (PSD2) in Europe and Open Banking in the UK are both seeking to enable Fintech innovators while also regulating the sector.
WhatsApp moves from emojis to digital payments in India
WhatsApp is looking at offering Indian users the ability to pay through the popular mobile messaging app. Mobile payments have become increasingly popular in India after the government banned 500 and 1,000 rupee notes late last year. That, combined with the fact that about one fifth of all WhatsApp users live in India, makes the country a perfect testing ground for WhatsApp’s foray into digital payments.
Amazon cash for ‘unbanked’ customers
Amazon has introduced Amazon Cash in the US to appeal to the 27% of consumers who are paid in cash, don’t have a bank account or debit card, and who don’t use credit cards. Customers can add cash to their Amazon.com account by scanning a barcode at participating retailers. The new service has zero fees and will give these cash customers an option to purchase online goods.
Oxford researchers crack quantum cryptography for mobile payment security
Researchers at Oxford University have developed a system that uses quantum cryptography to encrypt and transmit payment information even more securely between a smartphone and the PoS payment terminal. In its simplest form, and like traditional cryptography, you need to have the secret key to decrypt the data. The system also monitors for hack attempts and if detected it shuts down communication between the mobile device and the payment terminal immediately.
*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.