19 June 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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Card spending up in May
Official figures from Statistics New Zealand show that spending using electronic cards has rebounded due to fuel spending, rose 5% in May compared with the same month a year earlier. Core retail spending, excluding cars and fuel, rose a very modest 0.4%. Although we had a strong quarter of retail spending growth in the first few months of 2015 some of the momentum has come off since then.
Half human, half mobile device
Heard people waxing lyrical about “millennials” lately? The financial lives of Gen Y are being scrutinised by companies as they begin to make their financial power felt. What they spend, why and where: see it all here.
Think outside the box
Thinking about innovating? McKinsey says that simple rules add just enough structure to help organisations avoid stifling bureaucracy and chaos all at once, while leaving ample room for creativity and initiative. See their top tips for innovators.
Mobile banking steams ahead
Mobile banking has overtaken online banking (by desktop computer) as the main way for customers to interact with their bank. It’s a global trend, but Aussie consumers are leading the charge. 38% of Australian customers' interactions with their bank occurred via a smartphone or tablet in 2014, up from 22% a year earlier.
The Danes are considering saying “farvel” (that’s goodbye to us English speakers) to cash in their retail stores – so will e-payments spell the end for notes and coins in Denmark and the rest of Europe? The Danish Bankers’ Association says, a cashless system does present some obvious advantages for society, particularly in reducing the costs for cash handling, transport of cash and security.
Apple vs Google
Google will not be charging fees from credit card issuers for transactions through Android Pay, which will put pressure on Apple to do the same for its mobile payment system – consumers will be hoping for Apple Pay to follow suit.
Mobile commerce predictions
Lately, everyone is having a go at predicting the future of mobile payments – some say mass adoption is still five years away, while shipments of phone fingerprint readers will pass a billion units by 2020. But mobile commerce is not about the technology as much as it is about consumer behaviour. And consumer behaviour is notoriously changeable.
Bankers urge lookout for financial elder abuse
It’s Elder Abuse Awareness Week and the NZBA is encouraging people to keep a watchful eye for elder abuse in the financial space – this can include any number of nasty ways to play on the trust of the elderly through the illegal or improper use of older people’s money, property and other assets. The Banker’s Association has a handy guide to help watch out for the signs.
An Aussie’s take on Cybergeddon
Aussie’s top cyber-cop, Detective Superintendent Arthur Katsogiannis, says that the overall impact that cybercrime has on the economy is going to be the greatest challenge to law-enforcement in the 21st century. Though we already have some good systems in place for catching out cyber-crims, there is still a long way to go in protecting our finances, including putting together a cybercrime course for cops. All steps in the right direction.