Bankwest has launched Australia’s first payment ring
Around 10% of payments in Australia...
Working with payments giant Mastercard, Australian lender Bankwest has launched the country’s first payment ring.
Around 10% of payments in Australia are made using digital technologies like wearables and smartphones, a figure forecast to reach 17% in five years’ time.
Costing $39 and with a transaction limit of $100, Halo is waterproof to 50m and works like a contactless bank card.
Cash as a payment method is on its way out of the Australian economy. Between 2010 and 2016, the proportion of payments made in cash dropped from 62% to 37%, now accounting for just 18% of the overall value of transactions.
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Bankwest Managing Director Rowan Munchenberg said the ring had been developed in response to the changing needs of customers: “Customers’ needs are always changing and in today’s digital world they increasingly expect smooth transactions that fit with their lifestyles, whether shopping online or in person.”
Mastercard Australasia’s Senior Vice President of Core and Digital Products Matt Barr is well-placed to comment on the country’s payments scene. In an exclusive interview with ANZ Business Chief, he observed: “It is certainly an interesting time for the Australian market. A lot of investment is being made in payment platforms, tokenisation platforms and ways to get customers embracing new digital experiences like P2P and push payments.
Last year Bankwest trialled a choice of wearable devices for colleagues and customers to use, and Halo is a result of the feedback generated from this phase of research.
ServiceNow pumps millions into EU service compliance
ServiceNow, the digital workflow company, has announced a multimillion euro investment to help EU customers meet compliance requirements.
The legal, technical and organisational safeguards will help companies to comply with the the Schrems II judgment and European Data Protection Board (EDPB) Recommendations issued in June 2021.
ServiceNow’s investment means all EU-hosted data will be exclusively handled within the EU, and the cloud-hosted digital workflow provider claims its solution will come “without impact on current delivery and service”.
ServiceNow upgrade: free of charge
There will be no cost for current customers to opt in to the data compliance solution, even though ServiceNow is investing an unspecified multimillion euro sum and hiring more than 80 new staff across the bloc.
Mark Cockerill, vice president legal, EMEA and global head of privacy at ServiceNow, said: “With any regulation change, cloud services companies have a choice. They can adopt a ‘wait and see’ approach or get proactive and help customers and partners innovate. At ServiceNow we are on the front foot, continually investing in our customers, allowing them to operate with the highest level of choice and control over their EU data.
ServiceNow upgrade: ‘peace of mind’
“Our new EU-centric service delivery model will give our current customers and partners peace of mind. For customers and partners operating in highly regulated industries, or in the public sector, or those that have yet to make the switch to the cloud, this model gives them certainty and simplicity when selecting the cloud service that best suits their needs.”
Carla Arend, lead analyst, cloud in europe for IDC, said, “The Schrems II ruling has led European organizations to revisit their cloud-related data protection policies and processes when it comes to international data transfers through cloud services.
“Contractual, privacy, and security safeguards and the assurance that data will be kept and handled in the EU help European organizations to comply with European data protection laws while taking advantage of global cloud platforms. Vendors, such as ServiceNow, that invest to support their customers in response to this ruling are providing essential choice to their customers.”