A leading payments industry news source for more than 17 years. Glenbrook curates the news and keeps you abreast of the important daily headlines in payments.

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November 15, 2023

On the wires

November 8, 2023

On the wires

October 20, 2023

On the web

October 16, 2023

On the web

On the wires

October 11, 2023

On the web

October 3, 2023

On the web

September 28, 2023

On the web

September 15, 2023

On the web

Australia to be ‘Functionally Cashless’ by 2025


"Australia is rapidly heading towards becoming a “cashless society” as banks crack down on withdrawals, close ATMs and branches and ban cash altogether — with one expert predicting physical money will be completely gone by the end of the decade. “I’d say we’ll be functionally cashless by the end of 2025 — it’ll just be a complete rarity,” said Richard Holden, professor of economics at UNSW Business School."

August 23, 2023

On the web

July 7, 2023

On the web

By the Numbers: Australian Credit and Debit Card Statistics

Investing.com Australia

"The Covid-19 pandemic saw Aussies take advantage of lockdowns and stay-at-home orders to save and pay down debts, taking credit cards to the sword. However since then, spending has been elevated. Further, since its introduction in 2018, Australians have welcomed Osko and the New Payments Platform to transfer money in near real-time, which is a big benefit over yesteryear's waiting days for funds to clear."

June 22, 2023

On the web

Major Bank’s New Cash Rule for Aussies

Yahoo Life

"Westpac has unveiled major changes to how customers use their debit cards, enacting a $1000 default cash withdrawal limit amid dwindling levels of cash withdrawals across the country. The major bank will also cap transaction limits at a default of $8000 when selecting a ‘credit’ payment — currently a customer’s limit when tapping, inserting or making online payments with a debit card is their available balance."

June 8, 2023

On the web

On the wires

June 7, 2023

On the web

June 6, 2023

On the wires

June 2, 2023

On the web

First Real-World, Cross-Border Settlement Using Australian CBDC Completed Through NexPay and Monoova

The Fintech Times

"The Reserve Bank of Australia (RBA), in collaboration with the Digital Finance Cooperative Research Centre (DFCRC), held an invitation-only conference in Sydney for participants in the Australian Central Bank Digital Currency (CBDC) pilot project. In a live demonstration, Monoova’s CTO Nicholas Tan, successfully completed the first real-world, cross-border settlement using the pilot CBDC."

May 31, 2023

On the web

May 24, 2023

On the web

Woolworths Rolls Out a Big Change to the Way People Shop

Australian Financial Review

"Woolworths will start moving payments on to Australia’s real-time payments system as a cheaper alternative to the card networks controlled by Visa and Mastercard, a move it says will reduce fraud while driving customers to its digital wallet and rewards program. The supermarket has become the first major company to offer customers an option to link their bank account directly to its app, using PayTo functionality introduced by Australia’s new payments platform."

May 22, 2023

On the web

Apple Pay on a Roll, and the Banks are Rattled to Their Cores (Australia)

Australian Financial Review

"Inside Apple, it was known as Project Muirfield. Not only would the iPhone be able to make payments, but accept them too. This week the plan came to life in Australia. The US technology giant said Westpac and Tyro would be the first banks to allow business customers to download an app to receive payments from customers with their iPhone, rather than through a payment terminal."

On the wires

May 18, 2023

On the web

Banks Unveil New Weapon to Fight Scams, but Consumer Troup Says Customers Remain Exposed (Australia)

ABC News

"Australia's under-pressure banks have unveiled a new tool to combat fraudulent transactions in a bid to stop customers losing more and more money to sophisticated scams. Bank transfers have been identified as the most common payment method for scams, but the banks say the "near real-time reporting" system will help them block the movement of money to fraudsters."

Australian ‘Big 4’ Bank Begins Trial for Cryptocurrency Payment Blocks


"Westpac, one of Australia’s ’Big Four’ banks, is launching its first trial of scam protection measures designed to combat fraudulent activities related to cryptocurrencies. The protection measures aim to mitigate losses from scams and reduce potential risks. According to the announcement, investment scams account for approximately 50% of all customer losses linked to scams, while around one-third of all scams involve direct transfers to cryptocurrency exchanges, making them extremely difficult to trace."

May 4, 2023

On the web

Monoova and Primer Jointly Bring Flexible Digital Payments to Australia

IBS Intelligence

"Australian real-time payments provider, Monoova has partnered with Primer, a no-code commerce automation platform, to facilitate easier, seamless payments. With this partnership, Primer will now offer PayTo and PayID enabled by Monoova, in addition to over 100 commerce and payment apps available on its platform. The move provides Primer’s global customers, with operations in Australia, access to New Payment Platform’s real-time payment method, spearheaded by the Reserve Bank of Australia (RBA), which is set to transform the management of direct debits in Australia."

April 3, 2023

On the web

How Low Can Tap and Pay Fees Go?

Small Caps

"Australians are great adopters of technology, with tap and pay transactions now making up much more than half of all in person transactions. So, it is a bit confronting to find out that the Reserve Bank of Australia, which regulates the payments system, is unsure of how its powers apply to some aspects of the burgeoning area...It is currently very rare for customers to be charged a premium for contact free transactions using credit or debit cards. ALDI is one of the few retailers that does this – if you insert a card and pay with eftpos there is no fee while all tap and go transactions incur a 0.5% surcharge, even for debit cards."

PayTo is Live at 50 Financial Organisations


"Over 50 organisations are now live with the digital direct debit PayTo service with banks and financial institutions either onboarded or on-track to meet an April activation deadline. Developed by NPP Australia alongside the finance industry, PayTo allows businesses to initiate payments from customers' bank accounts as part of a ‘PayTo Agreement’. PayTo began rolling out last June with customers predicted to have access to PayTo in their bank accounts by the end of April, following an extension by the Reserve Bank of Australia in 2022 ."

March 16, 2023

On the web

NAB, Westpac Sell Stakes in Open Banking Start-up Basiq

Australian Financial Review

"Cuscal, which provides payment services to mutual banks and fintechs, has acquired Basiq, a Sydney-based start-up backed by powerful investors including Westpac and National Australia Bank, in a deal that points to the looming consolidation of payments, data systems and digital identity. The deal provides an exit for Basiq’s shareholders which include US card giant Visa, Westpac’s venture capital fund Reinventure Group, NAB Ventures, Salesforce Ventures, AP Ventures (backed by Afterpay) and Plaid, a large US-based banking data company."

March 15, 2023

On the web

ANZ to Run Central Bank Digital Currency Pilot at Australian Universities


"The Australia and New Zealand Bank is to pilot the use of a prototype central bank digital currency (CBDC) for offline transactions using pre-loaded contactless cards at RMIT University in the Australian city of Melbourne and Southern Cross University in New South Wales. ANZ will test the CBDC for offline payments in one of 14 pilot projects to be launched by the Reserve Bank of Australia and the Digital Finance Cooperative Research Centre as part of their ongoing research into the development and issuance of an Australian CBDC that will also cover use cases including ecommerce, asset trading, corporate bond settlement, livestock auctioning and construction payments."

On the wires

Novatti Launches Multi-Currency Platform for Australian Bill Payments

PR Newswire

"Novatti Group Limited, a leading fintech enabling businesses to pay and be paid, has launched Novatti BillPay, a platform connecting businesses offering BPAY® bills and payees. Novatti BillPay enables businesses with BPAY® bills to accept payments from people overseas who prefer to pay in their currency of choice using digital wallets. Designed for international students, new migrants and people overseas without access to an Australian bank account, users can choose to pay their Australian bills such as tuition fees, rent, utility bills and council fees using a range of Asian currencies as amended and updated from time to time."

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