FCA finalises revised Payment Services Directive (PSD2) requirements — Financial Conduct Authority — “As well as promoting innovation, PSD2 aims to improve consumer protection, make payments safer and more secure, and drive down the costs of payment services….The FCA has published the PSD2 Policy Statement which explains the changes we are making to our proposals following consultation… The FCA has published its Approach Document alongside this – this is designed to help firms navigate the payment services and e-money regulatory requirements, including those set out in HM Treasury regulations.”
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BIS reports on the potential of central bank-issued cryptocurrencies
Central bank cryptocurrencies — Bank for International Settlements — “New cryptocurrencies are emerging almost daily, and many interested parties are wondering whether central banks should issue their own versions. But what might central bank cryptocurrencies (CBCCs) look like and would they be useful? This feature provides a taxonomy of money that identifies two types of CBCC — retail and wholesale — and differentiates them from other forms of central bank money such as cash and reserves. It discusses the different characteristics of CBCCs and compares them with existing payment options.”
Huawei Pay to launch in the US?
Huawei Pay to launch on Android in the US, trademark suggests — Android Headlines — “The Huawei Pay Android service may be coming to the United States, as suggested by a new trademark application which the Chinese original equipment manufacturer submitted to the US Patent and Trademark office on Saturday… News of Huawei’s latest move comes less than a month after the Shenzhen, China-based tech giant filed for an identical trademark in Europe where the European Union Intellectual Property Office is also still examining its request.”
US iPhone users ‘unlikely’ to use Face ID for payments
40% of Apple users to spurn facial recognition, according to Juniper survey — Juniper Research — “A new survey conducted by Juniper Research has found that over 40% of iOS users in the US consider themselves unlikely to use facial recognition as a payment security technology… Contactless payment users considered fingerprint sensors and voice recognition more appealing authentication methods, with 74% and 62% respectively saying they are likely to use these technologies.”
HSBC uses face recognition to authenticate payments in China
Selfies are the latest way to pay — HSBC — “The customer simply blinks into their camera using the ‘selfie mode’. Their identity is then checked against a photo held on a database. If the pictures match, and the customer enters the correct passcode into their banking app, they can transfer up to RMB50,000 (about US$7,600) a day. Previously, they had to use a token device for authenticating and making transfers.”
Macquarie open banking APIs let customers share transaction data with third parties
Macquarie to give customers data control with new open banking platform — ZDNet — “Information the new platform can share includes personal banking data such as a customer’s transactions and home loan balances, as well as their business and wealth information. It can be plugged into third-party providers like budgeting apps and accounting software, not just competing financial services providers; however, the third-party provider must meet Macquarie’s open platform standards and security criteria before it will turn over the data.”
Google’s Tez mobile wallet to be pre-installed on budget smartphones
Google partners with budget smartphone makers for pre-installing Tez in devices — BGR — “At the launch of its payments service for India, Google announced partnerships with budget smartphone manufacturers Micromax, Lava, Xolo and others, to offer the Tez app on a pre-installed basis. Upcoming handsets from the above manufacturers, as well as Nokia and Panasonic, will have Google’s payments app pre-loaded… Google further declared that it was open to more such partnerships.”
Nike to connect with basketball fans via NFC tags in NBA jerseys
Nike and NBA introduce new statement edition uniform, first on-court hooded jacket and the first NBA Connected Jersey, the future of fan apparel — Nike — “Using new NikeConnect technology, each adult-sized Nike NBA Connected Jersey will have an embedded NFC chip that will launch real-time team and player content such as pregame arrival footage, highlight packages and top players’ favorite music playlists — all on the jersey owner’s mobile device. Throughout the season, a wealth of exclusive offers and experiences will bring fans closer to the game they love.”
BMW ‘is reviewing the necessity of car keys’
BMW says car keys may be replaced by mobile phone apps — Reuters — “BMW is reviewing the necessity of car keys, Ian Robertson, the company’s board member responsible for sales told Reuters. The fact that customers now all carry a smartphone and the availability of a BMW app which allows customers to unlock their vehicle has made old fashioned keys less relevant.”
Westpac pulls support for Tap & Pay
Why have we removed Westpac Tap & Pay? — Westpac — “We have removed Westpac Tap & Pay as more customers are choosing to use Android Pay and Samsung Pay for their additional features. We recommend you add your eligible Mastercard or Visa card to Android Pay or Samsung Pay so you can continue to quickly and securely pay with your smartphone at millions of stores worldwide.”
SocGen picks sound-based payments for mobile banking in Africa
Société Générale launches Yup, a new alternative to the traditional banking model in Africa — Société Générale — “Based on an agency banking model, ie a network of third-party agents with whom the bank has formed partnerships (service stations, distribution trade, etc), Yup is accessible via an expanded network of distributors equipped with adapted terminals and, of course, via the mobile banking app of Société Générale’s different banks throughout Africa.”
Alipay uses face verification to unlock delivery boxes
Alibaba testing face recognition technology — AsiaOne — “An army of specially equipped kiosks have been installed across five locations at Shanghai’s financial district of Lujiazui, with cameras scanning people’s faces to verify their identities… Users need to subscribe to a service embedded in the Alipay digital wallet, which gives the app the green light to capture their personal information to confirm their identity”.
Google adopts sound-based payments for Indian mobile wallet
Introducing Tez, a mobile payments and commerce app from Google — Google — “Cash Mode is built using our proprietary AQR (Audio QR) technology, which is similar to QR codes but more convenient and more secure. And unlike NFC, it works on almost any smartphone in India, whether Android or iOS.”
W3C: All major browser makers ‘now implementing Payment Request API’
Standards for streamlined checkout gain traction — World Wide Web Consortium — “With these technologies, users no longer complete web forms to provide payment credentials, shipping information, and contact information. Instead, the user registers support for different payment methods — such as card payments, proprietary native mobile payments, bitcoin or other distributed ledgers, or credit transfers — with the browser or other user agent.”
Apple: Developers must offer an alternative to Face ID for children
New App Store guidelines crack down on iOS ‘virus scanners’, require alternatives to Face ID for under-13s — 9to5Mac — “Apple has updated its developer app review guidelines for the iPhone and iPad App Store this week with new clauses addressing the appropriate usage of Face ID, ARKit and more… Developers using the LocalAuthentication framework to enable Face ID unlock (in the same way apps can already use Touch ID authentication) must offer an alternate method of unlock for children under the age of 13 to use.”
ING doubles charity donations with contactless collection box
No spare change? No excuse! — ING — “From March to July, a three-person team ran a pilot in the Netherlands for the box with 19 charity organisations… Not only was the overall process much quicker, the donor’s behaviour changed. The average donation doubled compared to the traditional cash-based collecting, from €1.50 (US$1.79) to €3.20 (US$3.82).”
CBA to support Garmin Pay wearable payments in Australia
Commonwealth Bank announces new ways to pay with Android Pay and Garmin Pay — Commonwealth Bank of Australia — “In June this year we saw weekly transactions across the CommBank app hit A$6.1bn (US$4.89bn) so we know customers love using their phones to make payments and do their banking. Since 2013 our customers have been able to use their smartphones to make payments. By offering customers the ability to pay with Android Pay and with their Garmin smartwatches we are combining choice and convenience.”
Apple to release Face ID security paper
Interview: Apple’s Craig Federighi answers some burning questions about Face ID — Techcrunch — “Federighi also noted on our call that Apple would be releasing a security white paper on Face ID closer to the release of the iPhone X. So if you’re a researcher or security wonk looking for more, he says it will have ‘extreme levels of detail’ about the security of the system.”
Google unveils iOS and Android mobile payments app for India
Tez: Money made simple — Google — “Send money home to your family, split a dinner bill with friends, or pay the neighbourhood chaiwala. Make all payments big or small, directly from your bank account with Tez, Google’s new digital payment app for India.”