NZ for NFC
Payment provider, Paymark, is forming a joint venture with three NZ mobile network operators to launch a trusted service manager enabling Kiwis to use their mobile phones to make payments, collect loyalty points and use public transport (view press release). The intention is to develop an NFC ecosystem where all parties can get involved. Through the agreement, bank cards, loyalty cards and transport tickets will be replaced by applications storing the data virtually on the mobile device. Transactions will be made via NFC technology. Within the telecoms space, the three operators will continue to compete by developing their own branded services on top of the new, open platform.
Eric Hertz, CEO of 2degrees, comments that “over the past decade, our mobile phone has swallowed our newspaper, our map and our camera to become an essential all-in-one device. The logical next step is to make it even more convenient by having it swallow our wallet, and making it the only thing you need to grab when you leave the house in the morning.”
Whitepapers
Related reading
Central banks best suited to issue digital currencies
By Aaran Fronda A recent report by the Official Monetary and Financial Institutions Forum (OMFIF) said that central banks rather than private ... read more
Instant payments: innovations inbound for corporates
In 2020, instant payments look set to continue their current trajectory to become the biggest trend in payments. While these schemes already offer numerous benefits to corporates, leveraging innovations such as APIs and request to pay will go some way to unlocking their full potential, argues Michael Knetsch
Obstacles exist for banks to meet ECB’s instant payments goal
The cost of joining instant payment platforms will be one of many hurdles banks and payment services providers must overcome to meet ... read more
Banks must be aware of “biases” in data used to train ML models
Financial institutions need to be conscious of biases in the historical data that is being used to train machine learning (ML) models, ... read more
