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Weekly top reads

Industry news top reads 15-21 May 2015

22 May 2015

Welcome to our new weekly top reads – your download of payments industry news and views to keep you up to date with what’s happening in payments here and overseas.

Every Friday we’ll publish our top picks from industry developments, stories and announcements right here. If you'd like to have our top reads emailed to you every Friday, just let us know by emailing us at connect@paymentsnz.co.nz 

Below are our industry news picks from the last seven days.

Top reads from this week

Cash, card or smartphone?
BNZ has launched a new way to pay: PayClip. Besides sounding snazzy this smart app transforms smartphones into mobile credit and debit card payment devices, and it has just been enhanced to offer a wider range of cards, including EFTPOS.

Trees rejoice as we begin to say goodbye to receipts
Ever needed to return something but couldn’t find that pesky receipt in the depths of your pockets? Never fear, Glassons and Hallensteins are among the first big retailers to make the move to electronic receipts, even allowing customers to keep track of their spending with the stores online.

New ways to scam calls for a whole new lingo
Fraudsters are getting so sophisticated and innovative in their methods that the world has created new language to describe it: “phishing” if they get you by email, “vishing” if they catch you on the phone and “smishing” if they hook you in via text. Earlier this week, the New Zealand Banker’s Association had this advice.

The thin binary line
By 2017 we will have a new police force fit for tackling cybercrime, as the “dark web” rises and incidences of commandeered bank account information become more common.

Bitcoin mining to be turned on its head?
A start-up known as 21 has designed an embedded chip for bitcoin mining. Aptly named “Bitshare”, will be embedded into millions of smartphones and tablets, and those devices will work collectively to mine new currency.

Super (wallet) new way to pay
The next generation of mobile banking is moving in, and it’s coming in the form of a Superwallet. Not only will these allow people to make payments and access their banking, they can also handle event tickets, grocery shopping and take-out food – all in one handy app.

Adapt or die
MasterCard’s report “The New World of Retail” shows that consumers are using different methods to shop and 6/10 smartphone owners have made a mobile online purchase. It’s a payments revolution! And retailers are realising the need to seamlessly converge their bricks and mortar stores and mobile channels to remain afloat in our digital world.

PayPal credit move backfires
CIO has reported that PayPal has been ordered to cough up $25 mill in fines for signing up customers for its credit service without consent. The US financial consumer protection watchdog (the Consumer Financial Protection Bureau) has said PayPal will pay $15 million to reimburse affected consumers for fees taken without their permission, as well as a $10 million civil penalty.

Millions being sent overseas
Using NZ owned Orbit Remit, Kiwi Migrants are shipping their money back home for their relatives at a rate of about $25 mil a month. Orbit Remit has a strong relationship with the New Zealand Government and was the first non-bank to provide payment services to the IRD - and their CEO says about $600 billion is expected to be transferred in the global remittance market during 2015. That’s no small feat.

Does your lender seem legit?
The FMA is cracking down on financial advisors in NZ, refusing registration to those without the necessary experience- because as the CE of the Professional Advisers Association, said "I could be driving a bus today and in a couple of weeks be a registered financial adviser" and that’s just not on. The bar to entry of the FSPR needs raising, and the FMA are on it.

 

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