Keeping up with the developments in payments, mobile banking, cyber security and other applications of biometrics and fintech isn’t easy. We’ve curated a few of our favourite stories of the week to get you up to speed.

Our highlights include the UK launch of Android Pay, the role of biometrics in fighting crime and which London fintech startup had handled over £300m of customers’ money in less than a year.

1) Fintech Success for London-Based Revolut

With valuations for fintech startups beginning to moderate and a lot of talk about the fintech opportunity stabilising, it’s encouraging to see some fintechs continuing to do astronomically well.

London-based startup Revolut, which allows travellers to use their credit cards abroad without incurring foreign exchange fees, has processed £342m of customer cash in just 10 months.

180,000 people currently use Revolut cards with 1,500 new customers signing up every month.

Business Insider Article

2) Biometrics and the Rise of Mobile Banking: Report

A new report, ‘2016 Mobile Banking Financial Institution Scorecard: Mobile Becomes the Remote Control for Banking’ highlights the evolution of mobile banking and the growing role of biometrics.

The report reveals mobile banking enrolment in the US rose from seven per cent in 2014 to 30 percent in 2015, with the number of institutions supporting mobile account creation doubling to 33 percent.

Read report

3) Citibank Rolls Out Voice Recognition for Asia Market

As biometrics enters the mainstream, more and more established financial institutions are switching on to the associated security benefits.

Citibank is the latest institution to follow suit, announcing its plan to roll out voice biometrics to identify callers to its call centres, negating traditional password authentication.

The company intends to have completed the rollout across its entire Asia-Pacific operation by the end of 2017.

Read article

4) Google Launches Android Pay in the UK

Google has launched its contactless payment system here in the UK this week, only the second launch location after the US.

Devices running Android 4.4 or higher and fitted with an NFC (near field communication) chip will be able to use the service, and will use your fingerprint, pattern or PIN to authorise payments under £30.

This marks another important step in the mobile payments industry.

Read report

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