13 May 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
Disruptive innovation…payments, you’re not alone
Last week we held sessions of The Hub in Auckland and Wellington on disruptive innovation. Our speakers talked about the different types of disruptive innovation impacting payments and the broader financial services sector, as well as some examples of home-grown innovation and entrepreneurship. Our guest speakers were Dean Rea from Arrowhead Consulting who spoke about the World Economic Forum research and Rod Oram who spoke about innovation and disruption from a Kiwi perspective. Read the round-up of these events.
Disruption in the industry
Disruption is beginning to reshape the global payments landscape, as we learned at The Hub last week, and growth in the industry is happening everywhere. According to McKinsey & Company, global payments revenue is forecasted to grow by 6% annually for the next 5 years. See the four potential disruptions that McKinsey & Company believe will alter the payments landscape in the coming years.
It pays to focus on women in payments
Payments NZ has been doing some work around encouraging diversity and supporting women in the payments industry. In March, our Head of Strategy and Corporate Affairs, Jane Retimana, went to Sydney to contribute to a Leadership Panel at the Women in Payments Symposium. And back here at home we’ve been running The Link to connect senior women with rising stars from our network of Participants, Members and key stakeholders. Find out what happened at these recent events.
Card spending up in April
Kiwis, together with a bunch of inbound tourists, have been pulling out the plastic for the hospitality sector over the last month with spending on credit and debit cards in New Zealand having risen in April, driven by an increase for accommodation, hotels, restaurants and takeaway food.
ANZ and Apple Pay gaining a lot of interest in Aussie
Since ANZ signed on with Apple Pay, other major Australian banks are re-entering negotiations with the tech giant, their hands apparently forced by the surge in applications for credit cards and deposit accounts that ANZ has experienced.
Eurovision goes contactless
The Eurovision Song contest isn’t a topic you’d expect to see in payments news but they’ve made it with their latest announcement - Gemalto and Visa are teaming up to hand out contactless payment wristbands at the show this year for the 60th Anniversary. Wristband owners will be able to access real-time account information online to check their spending history and prepaid balances.
Young people in the UK expect to say goodbye to cash
Despite research stating that cash could be on its way out there is still often debate, a new report from Prepaid International Forum (PIF), based on a survey of 1,000 UK adults, has found that the majority of respondents under the age of 44 believe mobile will soon replace cash as their main payment method. The common prediction is that this change will take place by 2025 - 10 years ago we didn’t have an iPhone – now we have 13, all different sizes, some of which authenticate you using your thumb and have voice-activated assistants. A lot can happen in a decade.
New opportunities with faster payments in the US
The idea of faster payments has seemed a distant dream for the US, but this week a proposal from Dwolla, the operators of a real-time payments network, has been announced. Working with the Federal Reserve since 2014, Dwolla has been putting forward iterative ideas to fill gaps in real-time payments. The full proposal will go public in 2017.
*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.