12 August 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
Fintech Innovation Challenge is open for entries
We’re looking for fintech startups who have the potential to transform the financial services industry, to take part in the Fintech Innovation Challenge at our conference, The Point 2016. Sponsored by Paymark, the challenge gives fintech startups the opportunity to present their ideas to a room full of industry experts. For more information about the competition and the application form go to our conference website.
The current state of fintech
The fintech industry in the UK can expect some major changes with the Competition and Markets Authority (CMA)’s plan to implement Open Banking by 2018. The CMA will require banks to publish objective information that’ll enable customers to fully understand the services they’re using. The hope is that it will trigger the growth of fintech platforms and startups. Globally, fintech is gaining significant momentum and causing disruption to the traditional value chain. See here for an infographic about the state of fintech around the world, created by Savvybeaver and Call Levels.
Australia to regulate bitcoin
Aussie is moving to become one of the first countries to regulate e-currencies (like Bitcoin) under its anti-money laundering and counter-terrorism financing laws. According to Australia's financial intelligence agency, AUSTRAC, digital currencies are often anonymous which makes them attractive to terrorists. The statutory review of the Anti-Money Laundering and Counter-Terrorism Financing Act, recommends the act be amended to regulate activities relating to digital currency.
Azimo, an online remittance service, is integrating with Facebook’s Messenger service to make international money transfer as easy as sending a message. There is currently a big demand for better ways to send money between people. Tilt, an app geared toward crowdfunding events like parties or travel plans, is also jumping in on this trend and building in a one-to-one payments option. Tilt is trying to exploit a moment in time where PayPal and other US-based popular payments services haven’t hit international markets just yet.
MasterCard and Plastiq help Chinese students in the US pay their tuition
MasterCard launched a new site with card payment service Plastiq to help Chinese students in the US pay their tuition, even if their schools do not accept credit cards for payments. It means the students can, for the first time, pay in their local currency by entering in the amount of money they want to pay in US dollars on the screen, and it will calculate in real-time the amount of RMB they will be charged.
New digital couponing app for transit riders in the US
Offering even more reasons to take public transport, riders in Hoboken, New Jersey can now download the Shop and Ride app and begin receiving discounts, savings and special offers from merchants along their routes. Powered by Xerox, the app delivers personalised, hyperlocal, mobile offers to transit riders based on their preferences and travel patterns.
A new study out of England has found that customers who use self-service checkout lanes are twice as likely to shoplift items than those that don’t. According to the study, the fact that a human cashier does not oversee the transaction makes shoppers perceive the threat of being caught shoplifting items as less risky. Despite this, self-scan technologies are growing in use and likely to become even more prominent.
*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.