26 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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Tell stories with your passcodes
Banking app-maker Intelligent Environments is looking to create a new type of passcode which uses emojis instead of a four digit PIN to secure accounts. By being able to use the 44 emojis, consumers will be provided with 3.5million unique combinations, making their passcodes much harder to crack.
What cards (and payments) will the industry be dealt?
Last month, our Senior Payments Advisor, Jade Ford, attended the annual Cards & Payments Conference in Melbourne. Jade found the conference to be incredibly insightful and she took away a great deal from the many presentations and panel discussions from some of Australasia’s leading payments experts. You can read Jade’s key take-outs, right here.
The future is block chain
Perhaps the most prominent digital currency is Bitcoin - a public transaction register, called the ‘block chain,’ records and validates every exchange of Bitcoin, anywhere in the world, in near real-time. And according to Chartered Accountants Australia and New Zealand chief executive Lee White, the block chain and its applications could be world-changing.
Getting on board the mobile bandwagon
Many people prefer the convenience of mobile banking, but in what situations are consumers looking at their finances? A handy new infographic from JP Morgan Chase & Co shows where US consumers like to access mobile banking apps, with the number one spot being at work.
India’s cashless proposal
India’s government has published proposals to try and encourage the take up of electronic payments in a country where cash still rules. It suggested a range of measures, including tax benefits to merchants if at least half of their transactions are handled electronically.
Indian Bank turns voices into passwords
India’s ICICI Bank has a new innovation allowing customers to access their accounts and make transactions using only their voice, which is their new password. When the customer telephones the bank from their registered number, the bank uses voice recognition to determine if the voice is a match. The new innovation will replace previous authentication methods such as card numbers, personal addresses or security questions.
Changes to payments in Australia
Australian banks, airlines, supermarkets and small businesses met the Reserve Bank of Australia this week to thrash out major changes to payments regulation. Discussions included lower fees and fewer fee categories.
Rewards could be changing
Credit card reward schemes are about to get an overhaul in Australia, as the Reserve Bank of Australia considers cuts to the fees that pay for them and regulators delve into interest rates. Rewards programmes are a mechanism for retaining customers and pulling out a piece of plastic with a logo on it is the most common interaction most customers have with their banks.
A global currency?
The Society for Worldwide Interbank Financial Telecommunication says the yuan was the second most used currency in trade finance, the fifth most popular payment currency and the sixth most used foreign exchange currency in 2014. China is pressing ahead with financial reforms in an effort to make the yuan an international currency.