13 November 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.
If you'd like to have our top reads emailed to you every Friday, let us know by emailing email@example.com
Semble expanding services
Loyalty cards and coupon offers are the next move for the company that launched NZ’s first mobile wallet. Semble wants to digitise everything from credit cards and coffee coupons to car keys and identification. More concrete developments will come from the company's first loyalty and offers partners, which will be announced before Christmas. Semble have also just released their The State of Pay white paper examining the mobile payment landscape and what it means for Kiwis.
Retail NZ releases paper on card fees
Retail NZ is calling for greater transparency on card payment fees from banks with the release of their paper Towards Fairer Payments Fees. Responding to this, MasterCard said that one of the fees it charges retailers for card payments is unavoidable and that it doesn't make any money from it. Commerce Minister Paul Goldsmith has also got involved in the discussion.
PayPal has now announced its acquisition of Xoom, which will operate as a separate service within PayPal. Xoom is a secure, fast and affordable way to send money to, and pay bills for, family and friends around the world, using a mobile phone, tablet or computer. Through this acquisition, Xoom will help accelerate PayPal’s entrance into the international remittances market, while PayPal will help expand Xoom’s services to more people in more places around the globe.
Ever heard of triangulation fraud?
Triangulation fraud is a crime that’s getting more sophisticated and automated and the fraudsters are using auction sites like eBay to commit their crimes. So how do they do it? Once a scammer steals credit card details online, they launder the money on eBay before too many red flags go off. The scammers sell in-demand but under-priced products on eBay that they don't yet own, then buy and ship the product from elsewhere with the stolen credit card. Because the product arrives with the recipient as planned, the money goes to the fraudster largely unnoticed.
Bitcoin value inconsistent
Right after its giant surge last week, Bitcoin suffered a setback with word of a Ponzi scheme undermining Bitcoin's appeal as a credible investment. Peter Smith, CEO of Blockchain, said the fluctuations in the price of bitcoin are like a "windmill".
Google stepping it up with Android Loyalty
Google might just have the right idea, bringing a loyalty program to Android Pay to drive up usage. Android Pay is competing with Samsung Pay for control of the android mobile payments market. Coca Cola is one of the first high profile sponsors of the loyalty program, which will allow users that purchase Coca Cola products to earn loyalty points for future purchases.
*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.