Australian banks to offer real-time payments

Real-time payments to be launched after Australia Day — The Sydney Morning Herald — “The A$1bn project, triggered by a 2012 review of Australia’s payment infrastructure, will mean customers of different banks will be able to make and receive real-time payments, 24 hours a day and seven days a week… It will also allow consumers to arrange payments using their ‘PayID,’ such as a mobile phone number, instead of an account number or BSB. Customers will also be able to include 280 characters of text with a payment, up from 18 now.”


Japanese bank demos blockchain payment solution

Japan’s big banks showcase fintech at Ceatec show — Nikkei Asian Review — “A smartphone app lets users buy MUFG Coin with yen from their bank accounts and send the digital currency to others. Remittance costs are kept low thanks to blockchain, the distributed ledger technology that underpins bitcoin. With MUFG Coin, wiring amounts of money too small to be practical under typical bank fees becomes possible, according to the lender.”


US consumers continue to rely on cash for payments

Cash is still a constant for US consumers — Glory — “84% of US consumers would still like the option to pay by cash while 63% feel it is the most secure way to pay… 61% of Americans trust cash more than mobile payments and 55% favor it over cards respectively. Convenience also plays a key role in consumers’ choice of payments, with 87% wanting the option to pay with cash in all transactions… 64% of consumers use cash the same amount or more than they did a year ago.”


UK consumers warm to face verification at the point of sale

Shoppers give thumbs up to in-store biometrics — Worldpay — “Just under two thirds (63%) of consumers want to be able to use a biometric scan to authorise payments in-store. When it comes to using our body parts to pay, 69% of consumers say they’d be open to using a finger. But respondents are also beginning to come around to the idea of using their face (24%), iris (33%), and voice (18%) to identify themselves at the point of sale.”


Swarovski lets shoppers make payments in VR

Mastercard and Swarovski launch virtual reality shopping experience — Mastercard — “Once the consumers decide and select the piece from the collection that they want to purchase, they can add it to the cart and check out by focusing their gaze on the Masterpass button that appears at the bottom of the product description. When the consumer exits the application or the session detects that the headset has been removed, the consumer will be automatically logged out of their Masterpass account to protect against unintended purchases.”


Mastercard applies for blockchain B2B payments patent

Method and system for recording point to point transaction processing — USPTO — “The present disclosure relates to the recording, processing, and displaying of point to point transactions, specifically providing a trade directory of parties in a secure environment, a ledger of transactions, and the settlement of aggregated person-to-person (P2P) and business-to-business (B2B) electronic payment transactions between bank accounts and third parties using a single transaction processing system.”


Germany’s central bank reports on potential of blockchain for payments

Bundesbank sees benefits in blockchain technology — Deutsche Bundesbank — “The Bundesbank’s experts see little prospect of DLT [distributed ledger technology] being put to widespread use in the field of individual and retail payments given the current state of the art… They see more potential for DLT in payments beyond the European currency area… There is currently no realistic prospect of central bank-issued digital currency being rolled out in the foreseeable future.”


Students test finger vein payments at UK supermarket

British supermarket offers ‘finger vein’ payment in worldwide first — The Telegraph — “It works by using infrared to scan people’s finger veins and then links this unique biometric map to their bank cards. Customers’ bank details are then stored with payment provider Worldpay, in the same way you can store your card details when shopping online. Shoppers can then turn up to the supermarket with nothing on them but their own hands and use it to make payments in just three seconds.”


Premier Food Service adds rewards to contactless vending machines

Premier Food Service selects USA Technologies as a strategic partner as they move toward connecting 100% of their machines to cashless payment — USA Technologies — PARTNER NEWS — “‘As personalization becomes more common in the marketplace, we wanted to be one step ahead of the trend with customer loyalty and reward programs being at the center of our go-to-market strategy,’ said Gary Kurth, chief operations officer, Premier Food Service… ‘USAT has made it easy for companies like ours to quickly deploy innovative cashless payment technologies across our business so that we can better engage consumers at the point-of-sale and build in customer loyalty programs.’”


UK’s Payment Systems Regulator outlines PSD2 enforcement process

The PSR confirms how it will monitor and enforce new EU rules on access to payment systems — Payment Systems Regulator — “The PSR will monitor and enforce particular rules, covering requests by payment service providers (PSPs) to get access to payment systems. Under these rules, banks and payment system operators must treat the requests in an objective, proportionate and non-discriminatory way.”


Financial Conduct Authority sets out PSD2 requirements for UK payment service providers

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.”


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.”


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.”


UBS backs Car eWallet project that lets vehicles make their own payments

Secure payments ‘on the go’ with blockchain technology from ZF, UBS and IBM — IBM — “Auto manufacturers, technology companies, suppliers and mobility service providers are all driving the development of driverless cars. To support autonomous driving, however, these vehicles require a digital agent that can independently carry out tasks and authorize payments without the owner or user having to be active themselves.”


UK challenger bank unveils open banking marketplace

Starling Bank’s Marketplace goes live — Starling Bank — “The Starling Marketplace is a brand new concept in banking whereby products from other fintech providers — and in the future lifestyle products — can sit within an easily browsed ecosystem all from within the app. These partners integrate with Starling Bank using their Open Banking and PSD2 compliant APIs… Starling is the first bank to have fully open, PSD2-ready APIs that allow collaboration between fintech companies.”


Retailers ready to pay more for payments services that add value

Majority of EMEA retailers plan to increase investment in payments — ACI Worldwide — “55% of retailers and merchants in the EMEA region are planning to increase their investment into new payment capabilities in the next 18 to 24 months… 66% say they are willing to pay more for a broader range of payment services if they add value to their business. 89% say they would expect increased operational efficiency and 88% enhanced customer experience from their investment.”






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