29 May 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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Google looking at mobile payments
Google is jumping back on the mobile payments bandwagon with AndroidPay, which will let people use their smartphone to pay for things in bricks and mortar stores as well as online. The changes are an effort to take some of the market back from ApplePay.
Facebook messenger opens up to payments
Two months ago, Facebook got into the payments game in the US, allowing for the exchange of money through its Messenger App. Now, with tweaks to its payments feature that tightens integration with the overall app Facebook has further expanded the availability of payments, even in group chats.
A pound of flesh
The Technology Spectator reports that a quarter of Aussies would be “slightly interested” in having a commerce-oriented chip implanted in their skin… all for the sake of faster transactions at your local retailer. The new biometric technology would mean turning up at a retail terminal without a wallet, credit card, smartphone or smartwatch and simply waving your bare hand over a terminal. The things we will do for a few extra seconds...
Xapo invests in leadership
Bitcoin wallet service provider Xapo has announced the formation of its new advisory board, which includes the founder of Visa, to counsel the Bitcoin start up on building a global Bitcoin ecosystem. The new players on the board will help to boost the confidence of the digital currency community which is watching for the announcement of stringent Bitcoin regulations before the end of this month.
Saying goodbye to cash?
The Sydney Morning Herald reports that a new way to pay in 2017 may signal the end of cash and cheques in Aussie. Attendees of the annual Cards and Payments conference heard from payments experts last week that every time we create a new payment system we should shut down an old one: the launch of the New Payments Platform might just signal that it’s time.
PayPal ramps up mobile
Roughly one-third of transactions processed by PayPal now come from mobile devices, as many of PayPal’s recent improvements (ahead of their IPO) have been aimed squarely at improving its mobile payments. By way of comparison, mobile was responsible for only about 1 percent of the company's transactions in 2010.
RBA looking at card surcharging
In other news from the Cards and Payments conference, Assistant Governor of the Reserve Bank of Australia, Malcolm Edey, says the organisation is taking another look at what some say are excessive surcharge fees on credit card payments. Surcharging has tended to be a hot button issue with consumers.
Major Banks, majorly invested in kids
Teaching kids about finances early is an important part of development, and New Zealand’s major banks are now offering an assortment of online material for Kiwi kids keen to start saving – apps, games and even specific youth banking websites.
Making it harder to steal
Payment specialist Oberthur Technologies are giving credit and debit card CVV codes a trial upgrade (just testing in France for now), as it's still relatively easy for criminals to copy card details and use them online. CIO reports that it’s due to be replaced with a small electronic screen (aptly named “Motion Code”) where the code changes periodically, reducing the time a fraudster has to act.
Napier embraces online payments
Back here at home, Napier is getting into the swing of the online payments world – the Napier City Council has smartly introduced a number of online payments options for things like parking fines and dog-owner infringements. Even if you’re mad about having to pay for your pooch’s latest escape, at least you can do it from your couch.