A revolution is underway in the global payments infrastructure and that makes it a necessity to re-design systems to keep up with the “payments Joneses”
According Chris Hamilton, new chief executive officer of BankservAfrica, speaking at the recent Payments Association of South Africa (PASA) International Payments Conference 2016, discussions about payments infrastructure design are like discussions about plumbing and sewerage: “We all really need it but we don’t want to spend a lot of time talking about it.”
He described streamlining the payments industry as being “like herding cats”.
Hamkilton was chief executive of the Australian Payments Clearing Association Limited (APCA) for the past 10 years, allowing him insight into the approaches of different markets when redesigning payments to keep up with the demands of business and consumers.
“As an industry, we need to find a way to talk about this needed, fundamental change and do so systematically. System design doesn’t happen by itself, it needs intense collaboration.”
“To meet the future payment needs of our community and our economy, payments businesses need to approach payment system modernisation empirically, inclusively, holistically but above all collaboratively. The design process really matters.”
Payments systems vary between and even within countries. They are complex, and serve different agendas and business needs. One only has to look at the variation from PayPal to Bitcoin, Visa to Mastercard; and the range of secure options offered by individual banks.
Given the complexity, infrastructure redesign is costly, complicated and highly contentious, and thus only takes place every 20 or 30 years.
“The time for a new South African design, however, is now,” says Hamilton. “Otherwise, the SA economy will not have the basic plumbing it needs for the future. The world is undertaking a step-change in national payments infrastructure, from overnight batch with basic data to real-time, data-rich, flexible and layered. South Africa must join the trend, or be left behind.
“In doing this, all the hard questions are not technological, they are social and political. What will our users and our economy need in 10 years’ time? How do we resolve all the competing business and political agendas to make sure they get it? What is the role of the national regulator? There is much to learn from mistakes and successes overseas.”
Hamilton talked the delegates through various global “adventures in international payments modernisation, looking at what the United Kingdom, Canada, Australia and the United States of America have done towards renewing their payments infrastructure.
The results, he says, show the intricacies and difficulty in getting all parties – and agendas – synchronised.
“Since time immemorial, we have been expecting our customers to adapt the way they pay to our available ‘set of rails’. So if you want to buy something at the shop, you get out your card; if a business wants to pay a supplier, it must do so by scheduling a payment with its bank or, heaven forbid, write out a cheque the supplier must then present to another bank. There is nothing wrong with this; it is just the way the world looks right now. But will this do for the digital economy of the future where other aspects of our lives are fully online, real time and automated?
“We need to start thinking creatively now because new systems take a very long time to develop – at a minimum five years. This is not because of the technology; it’s because of all the competing business and policy interests. We must work out how our payment system is going to be used in 10 years’ time.”
This approach calls for a rigorous, inclusive process. The USA – the world’s largest and complex payment market – is the least designed because it is just too big. There are 13 000 payment institutions with millions of interested parties.
“The Federal Reserve Bank has taken on the job of trying to rationalise the USA’s payment system. They have in the last two years published their own consultation papers and received thousands of responses. They put together a task force of 300 people – made up of consumer and business representatives, service providers, consultants, and banks – to have a massive, industry-wide discussion happening in a public way.”
Australia’s New Payments Platform (NPP) felt like an overnight success because, in 2013, the Central Bank came out with a strategic review that compelled the industry to build a real-time payment system, he said. But the industry had already done most of the thinking work, starting in 2008. So the payments community was able to put together a well-designed proposal very quickly.
“So in 6 months we actually put together a community of bankers and published a proposal for a real time payment system which became the new payments platform.
“My view of the world is that, there is no substitute for the industry players doing it themselves, together. I’m accustomed to hearing, over my 15 year career in this game, banks saying: ‘We don’t like to work with other banks because it’s too high risk and never works.’ Yes it is high risk, but also high return. Co-created networks are always better than government-built networks or compliance-driven outcomes. Only the participants know how the whole thing really works.”
The base of good payment systems is empirical research that is “inquisitive, inclusive, and intentional,” plus gets business to lead.
“Streamlining the payments industry is still like herding cats. But a business-led process can be powerful and galvanising. It can also radically reduce the cost base, while revolutionising the industry.”
Naspers feeds into Latin America’s tech funding
Movile will get $400m funding from the SA-based technology investment giant for iFood expansion.
Movile is to receive US$500-million in funding for iFood in the largest tech funding in Latin America to date. Naspers and Innova Capital have committed to invest $400m of new capital into Movile to use for further investment in iFood, the leading online food delivery platform in Latin America, of which Movile is a majority shareholder.
Movile and Just Eat have already invested $100m in iFood during 2018. iFood’s extraordinary growth and the vast market opportunity in Brazil and more broadly in Latin America has driven the increased investment commitment.
iFood’s monthly orders in Brazil have fed more than 9 million customers in the past twelve months, 16 times the nearest online competitor, in terms of daily active users. This means its partner restaurants are serving the biggest population of consumers ordering food in Latin America. iFood has 50 000 restaurant partners and uses 120 000 couriers.
The increased investment commitment from Naspers, Innova and Movile is expected to accelerate growth, speed up product development and innovation, and fuel geographical expansion for iFood across the region. The company’s vision is to gain deeper knowledge of consumers through artificial intelligence technology, to personalise the food delivery experience – and at a reduced price, because of improved logistics.
“Movile is very fortunate to have long-term investors who have supported us for the past decade to help achieve our goal of transforming the lives of more than one billion people and thus we are able to continually back iFood to ensure it remains the market leader,” said Fabricio Bloisi, Movile CEO.
“Our entire ecosystem of companies is focused on allocating resources and energy towards our one billion people goal. iFood is leading the way, fueling unprecedented growth through its innovative technology platform, providing consumers, couriers and restaurants with the best experience in food ordering and delivery.”
Larry Illg, CEO of Naspers Ventures, said: “iFood has established itself as a technology leader in Latin America and its success stacks up with some of the most innovative food companies that are leading regions in North America, Europe and Asia. We have been impressed by their execution in Brazil and remain committed to backing the company on its path to transform the entire food chain to better serve consumers.”
Online food delivery is experiencing massive expansion globally. According to latest reported results, Grubhub grew daily average orders 39% year-on-year, reaching over 416 000 orders per day. In Latin America, iFood has reached 390 000 orders per day just in Brazil in the last week of October, compared with 183 000 in October 2017, representing 109% growth.
iFood CEO Carlos Moyses said: “We want our consumers to have an amazing delivery experience from the moment they order their food to the moment it arrives. Our partners – the restaurants and delivery fleet – make that happen by living our purpose of improving people’s lives using our services.
“iFood exists for our customers and, with an increased investment commitment of this size, we will be able to build out our state of the art technology platform, and increase our courier and restaurant partners to even better serve our current and future customers in Latin America.”
Hide your sheep, Spyro is reigniting
Spyro, the iconic purple dragon that entertained living rooms worldwide in the late ‘90s, is making a return with the release of Spyro Reignited Trilogy.
Spyro Reignited Trilogy introduces players to a fully remastered game collection with a re-imagined cast of characters, animations, environments, new lighting and recreated cinematics—all inHD. Now fans can explore more than 100 lush environments filled with new detail, that brings the Dragon Realms and Avalar to life . The trilogy is available for PlayStation 4, PlayStation 4 Pro and the family of Xbox One devices from Microsoft, including the Xbox One X.
South African distributors Megarom provided the followjng information:
In Spyro Reignited Trilogy, lead developer Toys For Bob is giving fans an all scaled-up version of the original three Spyro games that started it all, Spyro the Dragon, Spyro 2: Ripto’s Rage! and Spyro: Year of the Dragon, but with a modern-day feel that makes it fresh and fun for today’s player. Adding to the fun, voice actor Tom Kenny is returning to the franchise as the voice of Spyro in all three remastered games. Longtime fans will be treated to Toys For Bob’s reimagined version of the classic soundtracks, in addition to an all-new title-screen theme from original soundtrack composer Stewart Copeland.
Additionally, the new game brings an in-game audio feature that allows players to switch between the original and the newly remastered soundtracks, for those who want a more classic gameplay experience. Players can simply fly in to the “options menu” at any time during gameplay, unleash their preferred nostalgic or scaled-up groove, and glide right back into the Spyro action without losing saved data.
“It’s been a real pleasure to bring back one of most iconic video game characters of all time through the Spyro Reignited Trilogy,” said Paul Yan, Co-Studio Head at Toys For Bob. “We’ve poured everything we’ve got into making sure every detail was done right to deliver a great Spyro experience for fans. We hope players will have as much fun revisiting the Spyro world and characters as we did remastering them.”
In the road up to the official release of Spyro Reignited Trilogy, Activision Publishing, Inc., a wholly owned subsidiary of Activision Blizzard, created a first-of-its-kind, life-sized, fire-breathing and talking Spyro Dragon drone. The drone took off from “Stone Hill” castle near New York City, spreading his wings across the U.S. to explore the cities and iconic landscapes that resemble levels and themes from the original Spyro games. As part of the tour, the Spyro drone chased sheep, fired up some BBQ and delivered an early copy of Spyro Reignited Trilogy to fellow O.G. and entertainment icon, Snoop Dogg. Highlights from the Spyro drone’s delivery to Snoop Dogg can be found here.
“Fans have been asking Activision to bring Spyro back for some time now. The response to Spyro Reignited Trilogy has been great thus far, and we’re absolutely thrilled that we’re able to continue to reimagine and reinvigorate some of the most iconic videogames and characters of all time with our remastered experiences,” said Steve Young, Chief Revenue Officer at Activision. “With this year being the 20th anniversary of Spyro, there’s no better time to pay homage to everyone’s favorite purple dragon.”
The Spyro community is invited to geek out and elevate their fandom even further through the elite global partnerships from the Activision Blizzard Consumer Products Group (ABCPG). Collaborations with Funko, Traly Pins, Exquisite Gaming, KidRobot, USAopoly, Trends International, Rubber Road, and Changes have created new avenues for fans to share their love for the return of Spyro, the original roast master. Spyro consumer products across apparel, collectibles, figurines and more are now available at retailers worldwide. Fans can also take advantage of the GameStop exclusive Spyro TOTAKU Collection.