12 February 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 Direction - reports now available
Payments Direction is our cornerstone strategic initiative and we have completed a number of activities including scanning the local and global payments environment, surveying consumers and businesses, digging deeper into strategic opportunity areas with real-time payments and payments messaging, and determining a view of the future of payments in NZ. We’ve now made the key reports from these activities available on our website. Payments Direction continues into 2016 with industry discussion about our findings and the future.
What makes invisible payments successful?
An invisible payment is one that the consumer barely notices. CIO Insight say conventional payment methods can invoke feelings of hassle, boredom, invasiveness or frustration with the process - a punishment without a reward. The invisible payments processes works best when it provides one of four benefits to give customers a reward without punishment. For example, Amazon Dash Replenishment Service enables connected devices to order physical goods from Amazon automatically when supplies are running low.
Payments and the sharing economy
Uber is conquering markets everywhere it seems, but it’s finding China hard to crack. Didi is dominating the Chinese market and now even moonlighting in matchmaking with its ride-sharing service. PwC estimate the global sharing economy will grow from $15 billion in 2013 to $335 billion in 2025 and according to Warwick Business School, mobile payment use is on the rise due in part to the booming sharing economy. Sharing platforms like Airbnb and Uber mean mobile technology is playing a much bigger part in the way consumers pay.
Contactless on the rise
MasterCard has released its latest research, showing that two thirds of people used contactless technology at tills last year. That's a rise of twenty per cent on 2014.
VISA is opening up its payments platform
Software developers around the world will be able to access VISA’s payments platform, in a move similar to that of Xero and Google in publishing "application programme interfaces" (APIs). The hope is that it will result in payment services that are more secure and convenient. They have also introduced Visa Consumer Transaction Controls which gives users real-time visibility and control over their accounts.
PayPal helps Netflix
PayPal has recently decided to help Netflix by cutting off payment services to sites that promote VPNs as a way to dodge so-called “geo-fences.” This will stop users from pulling up the Netflix catalog from other countries. In other news, PayPal has announced the appointment of Sri Shivananda as Senior Vice President and Chief Technology Officer. Shivananda previously spent 15 years with eBay and his appointment will ensure that PayPal continues to define the future of digital payments.
New techniques for cybercriminals
Researchers from security vendor Kaspersky Lab were called in to investigate unusual thefts from 29 banks and other organisations located in Russia, leading to the discovery of three new sophisticated attack campaigns. The lab has now released details about the tell-tale signs left behind by the groups’ tools, so that organisations around the world can scan their own networks for potential compromise.
*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.