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Apple, Australian banks can't get along: Apple is accusing Australian banks of leaning on the government to delay expansion of Apple Pay to about 70% of Australian cardholders, according to The Australian. ANZ is the only large Australian bank to agree to support Apple Pay, though some of the country's small institutions also support the app. The country's other large banks are trying to reverse a decision by Australia's Competition and Consumer Commission to deny collective negotiations with Apple. Apple, which would rather establish terms with each bank separately, said it cannot agree to the terms the banks are seeking, and claims the banks are having a "chilling effect" on competition by trying to join forces in negotiations. Apple and Australia's banks have been squabbling over Apple Pay'sterms for most of the last year, with the banks trying to use their leverage to get better fees, and Apple pushing back, partly over concerns about the precedent for other markets.
A sign for the launch of the Apple pay system, from Apple.Inc is seen displayed at the entrance to a McDonald's Corp. restaurant in London, U.K., on Tuesday, July 14, 2015. Apple Inc. is making the U.K. the first market outside the U.S. for its digital-wallet system as the company fights for a place in the electronic-payments industry. Photographer: Chris Ratcliffe/Bloomberg
Chris Ratcliffe/Bloomberg
New Zealand gets in the fintech game: Coalitions to locate and encourage new technology for financial transactions such as mobile payments are popping up all over the world, and in some cases are crossing borders. Econotimes reports New Zealand is getting in on the act, planning to launch FinTechNZ next week with events in Auckland, Wellington and Christchurch. The group includes businesses, technology companies and financial institutions, and serves as a venue for developers and others with ideas for financial services innovation to share ideas, network and connect with more established companies to speed the path of innovation. It also plans to make New Zealand's financial technology sector competitive with that of other countries.
Domino's puts its bot to work: Domino's has long tried to trim steps from its mobile ordering process, and the pizza chain just took another step by allowing ordering via Facebook Messenger without first setting up an order profile. TechCrunch reports consumers can order off of the full menu without setting up a preconfigured profile or without having previously ordered through Domino's chatbot, Dom. The update's designed to woo new customers or those who don't use the app regularly enough to have set up a regular order. There is one drawback, according to TechCrunch. The new feature is launching as a cash on delivery service, which would work against the type of customer who would use a chatbot to order. Domino's tells TechCrunch it is working on adding Messenger payments for the new feature.
ATMs hold on: Cash is generally considered to be in decline, though the reality is far more complex. For example, Finextra reports the number of global ATM cash withdrawals grew 10% in 2015 (the most recent data available), the fastest rate since 2011. Citing research from RBR, the British technology wire reports there were 99 billion cash withdrawals in 2015, and the number rose in all regions. The largest growth came in Asia Pacific and the Middle East/Africa, where volumes increased 16% and 8% respectively. ATM usage in China grew 23%, a result of financial inclusion and a bank focus on self service. With 24 billion withdrawals, China accounted for a quarter of the world's total.
Banking while browsing: The e-commerce solution The Next Web • Ritika Puri Digital security will be one of the biggest trends of 2017. The challenge at the heart of the dialogue? The pace of technology development – and cyber vulnerabilities – are increasing a rate much faster than protective measures can keep up. The...
What's Wrong with PayPal's Stock? Fool.com: The Motley Fool • John Ballard Despite consistent growth, the stock has been underperforming lately. Here's why long-term investors shouldn't be discouraged.
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Tim Hortons, Burger King add mobile ordering in Canada After testing mobile order-and-pay at Tim Hortons cafes and Burger King restaurants for nearly two months, Restaurant Brands International is preparing to launch the app throughout Canada in the spring.
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Baton Rouge-based Business First Bancshares would pad its margin as Louisiana's largest state-chartered bank with an all-stock deal for Progressive Bancorp.
New research from the Federal Reserve Banks of New York and San Francisco says markets put the odds of zero interest rates lower today than in the recent past, but economic uncertainty raises the potential for drastic cuts in the "medium to long term."
The show business-themed restaurant, which benefited from a federal loan near the start of the pandemic, says it now owes millions thanks to the Miami-based bank's "fraud, negligence, and misrepresentations." A BankUnited spokesperson declined to comment.
