PSR calls for UK payments reform
The Payments Systems Regulator (PSR) has announced that the UK payments infrastructure needs to undergo reform in order to increase competition and to better meet consumer needs. The announcement follows PSR’s market review into ownership and competitiveness of the infrastructure that supports three payment systems – Bacs, Faster Payments Service and LINK.
Lloyds announces further 3,000 job cuts
Despite reporting a 101 per cent increase in pre-tax profits, Lloyds Banking Group has announced it will be axing a further 3,000 roles and closing an additional 200 branches . This follows the announcement in 2014 that 9,000 employees will be made redundant and 200 High Street branches will be closed. The bank aims to save £400 million by the end of 2017 to protect earnings and dividends against the effects of lower-for-longer interest rates.
Wing to provide mobile payments in Cambodia
Mobile payment service provider Wing has signed a deal with end-to-end mobility firm DMI to enable mobile payments in Cambodia. The app enables both individual and business customers to transfer, deposit and withdraw money anywhere in Cambodia, via any Android or iOS device at low cost. Only 1.5 million people in Cambodia are in possession of bank cards amongst a population of 15.5 million.
DBS to create hybrid cloud via AWS
Singaporean bank DBS has signed an agreement with Amazon Web Services (AWS) to leverage its cloud technology. Through the deal, DBS will create a hybrid cloud environment designed for rapid changes of capacity and functionality. The new cloud services will allow the bank to better experiment digitally and bring new applications to market rapidly.
Indian digital payments ‘worth $500b by 2020’
Total digital payments conducted in India will be worth $500 billion by 2020 – 10 times the current value, according to a new report from Google and Boston Consulting Group. The ‘Digital Payments 2020’ study identifies four key factors that will help push the Indian payments landscape: the ongoing digital and technological revolution, led by the penetration of smartphones and internet on mobile.
South Africa introduces biometric payments standard
The Payments Association of South Africa has collaborated with MasterCard and Visa to create a new standardised specification that will facilitate biometric authentication for payment cards. The new technology framework is designed to enable a range of biometric solutions, from fingerprint verification to palm, voice, iris or facial biometrics.
Telefonica taps Fidor to launch O2 Banking
Telefonica-owned O2 says it has become the first mobile operator to launch a mobile-only bank account, which is now available for download by its German customers. The new app service, being run in cooperation with Fidor Bank, also offers transactions via mobile phone numbers and small instant loans.
Six new firms join the Hyperledger Project
Six new companies have agreed to join Hyperledger, a collaborative cross-industry effort to advance blockchain technology. BNP Paribas, Bubi, Colu, Korea Securities Depository, Libra and TMX Group will join more than 60 existing members, including Intel and Accenture. The project is working to enable organisations to build and run robust, industry-specific applications.
Singapore set for contactless travel ticketing
MasterCard has signed a deal with Singapore’s Land Transport Authority (LTA) to launch an account-based ticketing system pilot in the country by the end of this year. MasterCard cardholders in Singapore will be able to tap their existing contactless cards to pay for train and bus journeys, eliminating the need for a separate transit card and fare top-ups.
An expert panel, including Lloyds, Metro and Dell, discuss how banks can grow their business in the digital age
Michelle Stevens talks to Carl Churchill, the MD of NetPay, about technology trends in the payments industry and the company’s expansion plans