13 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
Westpac and Samsung partner to offer Samsung Pay
Westpac Australia customers with debit and credit cards can now use Samsung Pay. Richard Fink, vice-president of Samsung Australia’s Mobile Division, said a key focus of the partnership was to make the technology accessible to customers and make them aware of availability.
Facebook adds group payments to Messenger
Facebook has extended its person-to-person Messenger payments service in the US to group chats. The new feature will allow users to pay either individuals or everyone in the group, making it handy for those wanting to chip in for a collective gift, or split a bill for an activity. Users can also request payments from the group.
CMA approves Mastercard’s acquisition of VocaLink
The UK’s Competition and Markets Authority (CMA) has approved Mastercard’s and VocaLink’s proposal to dispel monopoly concerns raised by their proposed merger by opening up part of VocaLink’s network to competitors. Mastercard initially announced its intention to complete the acquisition in July 2016, but the CMA quickly announced that it had concerns the acquisition could create a conflict of interest.
UK calls for global fintech regulations
The UK’s Financial Conduct Authority (FCA) has called for an international regulatory framework for fintech startups to secure the long-term future of the industry and avoid a 'Wild West' approach to governance of the sector. The FCA is concerned the current ‘sandbox’ regulatory approach to fintech startups could present risks to the reputation of and trust in financial innovation if there are instances of international failures in the future.
The UK’s changing payments landscape
Payments UK has published a report on the changing payments landscape in the United Kingdom. The report argues that many of the big changes in the payments industry relate to data and shines a light on how to get the most out of its potential. The UK has also seen an increase in fintechs driving innovation and playing roles once reserved for traditional banks.
*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.