The Australian stock exchange ASX has announced that it has partnered with a US-based firm to develop distributed ledger technology, more commonly referred to as blockchain. The ASX is planning to develop the ledger technology for post-trade services such as clearing and settlement of the cash equities market. Unlike the bitcoin blockchain which operates as a public ledger, the ASX will use a private network which will only allow parties with permission from the ASX to participate.
The number of Australian consumer using contactless payment mediums is on the rise. Statistics revealed in the World Payments Report 2015 ranks Australia behind only the United States, Finland and the Netherlands as the countries recording the highest number of non-cash payments per person.
NAB is the most recent big-four bank to respond to changing consumer behaviour in the market. This week, NAB launched a new payment solution that allows customers to ‘tap and pay’ on Android phones. NAB claims the new ‘NAB Pay’ facility is the first in Australia to utilise the Visa Token Service and enables customers to make contactless payments via the bank’s existing app without revealing their account details.
Read more about the new NAB Pay mobile payment service here.
Tech start-ups are infiltrating the finance sector at a rapid rate, and customers love it. Changing consumer expectations and behaviours are forcing traditional banks to lower costs, be more efficient and provide better security in order to remain competitive.
Rival technology powerhouses Apple, Google, Amazon, Intuit and PayPal have joined forces to form an advocacy group known as Financial Innovation Now, focused on enabling technological change within the finance industry. The group will work with policy-makers and key stakeholders to promote policies and regulations that encourage greater innovation in the financial services sector as well as ensuring that policy-makers understand the advantages that technology can bring to the industry.
Twitter is changing the future of e-commerce by introducing a “buy now” button to users in the United States, making online shopping even more accessible to consumers. Twitter has joined forces with major e-commerce platforms Stripe, Shopify, Bigcommerce and Demandware to allow retailers to sell physical and digital goods and services directly through a simple 140-character tweet.