16 October 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
Payments NZ membership: A year of growing connections
Just over a year ago we opened our doors to organisations from across the payments ecosystem with the launch of the Payments NZ membership programme, complementing our existing Direct Settlement Participant programme. We have been thoroughly pleased with the interest the membership programme has generated since launch and our wider membership base is now made up of 11 Participants and 16 Members.
Credit/debit spending up in September
Consistent with the last five months, spending on electronic cards in New Zealand was up again in September. There were 122 million transactions on electronic cards in September, up 7 percent from a year earlier.
Online customers are the happiest
Does waiting in line for a teller at the bank or phone banking make you unhappy? If your answer is yes then you’re not alone. Research by Roy Morgan has shown that Australian consumers are more likely to be satisfied when dealing with banks through a website or smart phone rather than in person. The report found the following satisfaction levels across banking channels: online banking via a website 90.4%, mobile banking applications 89.9%, in-branch interactions 88.4%, and phone banking came in with the lowest satisfaction level at 79.9%.
Payments competition is heating up in the UK
It used to be that smaller players had to use the big banks for access to the payments system but a new initiative will let tech firms come in and bust the market wide open. Soon small banks will be able to access the UK’s Faster Payments system via fintech companies, 10 of who have signed letters of intent to say they want to create the systems giving access to smaller banks.
China's currency moves up in the world
The Chinese Yuan has surpassed seven world currencies over the past three years and now only ranks below the US dollar, the euro and the sterling. More than 50% of the yuan foreign exchange trading outside China and Hong Kong is done with the UK. And in other Yuan news, the China International Payments System has just been launched; find out more here.
New notes to knock out the old
Our new $5 and $10 notes made their way into circulation this week but don’t be surprised if you don’t see one for a few weeks yet. Extra for experts: see here for background info about the new notes.
Data treaty is no longer
A data treaty allowing data about European citizens to be sent to the US has been ruled invalid by the European Court of Justice. From now on, any international data transfer will need to comply with each jurisdictions' laws as there is no longer an overarching rule that applies to all. Data protection advocates are hailing the ruling but businesses small and large are left with a huge amount of uncertainty, many of which rely on the easy flow of data across borders.
LG entering the payments market
Smaller player LG is on its way to launching its own payments platform to try to take a slice out of the Google and Samsung pie. LG is working on a product called G Pay, and speculation is rife that there will be a global launch soon.
*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.