14 August 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.
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Kiwis spending on clothes
Kiwis spending on electronic cards has risen for the third month in a row, led by a surge in spending on clothing. Core retail spending, which strips out fuel and vehicle related items, rose 0.5 percent to $3.9 billion over the past month.
China’s Banking rules
There could be a bump in the road coming for China's $90 billion mobile payments industry. China Central Bank has released draft rules that obstruct China’s payment apps in three main ways. Find out more here.
Women in Payments NZ
In July, Payments NZ hosted our very first event for women in payments to not only recognise and celebrate women in the payments industry today, but provide support for the next generation of women leaders that will help shape the future of payments. It was such a success that we look forward to hosting another soon, watch this space.
International technology and digital business advisory panel
A new panel, formed by ANZ, consisting of a group of technology industry leaders including an executive from Twitter, will meet four times a year with the technology committee of the ANZ Banking Group board to advise it on emerging trends in the tech industry. The aim is to ensure the Board and management have access to external perspectives, specialist insights and trusted advice.
Delaying instant gratification with Mobile Payments
This article looks at mobile payments and their development. It points out the time taken by previously launched “new” payments methods to be widely adopted. For example, credit cards took 28 years. There are strengths and weaknesses of current mobile payments applications, and this piece discusses the five elements that will be necessary for a successful mobile payments application.
Pay with your heartbeat
Canadian company, Nymi claims to have enabled the 'world's first biometrically authenticated wearable payment using your heartbeat.' In simple terms, it uses heart rate, or electrocardiogram (ECG or EKG), measurements to verify your identity. Making it, in theory, more secure than the Apple Watch. Though they are starting with a small, consumer-oriented program, the target audience is much larger.
A market ripe for disruption
Technology is influencing every sector, but payments is right in the sweet spot for disruption and the bottom line is simplifying the customer experience according to Giles Ubaghs at Ovum. Ubaghs points out “the most successful start-ups in the payments space are those that enable payments seamlessly.”
Pay as you watch
Samsung Electronics is coming out a clear front runner in the payments push, according to CIO. It’s now allowing users to buy content on some of the newer smart TVs. The service allows payments on TVs using credit cards, debit cards or Paypal.