Yahoo Finance
"Westpac has announced a new security feature, known as Westpac SaferPay, which will flag payments with a high scam risk and present customers with a series of questions."
Yahoo Finance
"The majority of Aussies are worried about the country moving towards a cashless society, as experts say we will become “functionally cashless” by the end of the decade."
Asset Servicing Times
"Australian Payments (AP+) has selected Swift to build a service that aims to reduce the risk of misdirected payments and increase defenses against payment fraud...Swift’s selection to develop the Confirmation of Payee service for the NPP aims to build on its capabilities in AI and data services, including payment pre-validation for cross-border payments."
ABC
"Australia is phasing out cheques by 2030, but banks are moving well ahead of the federal government's timeline."
BNN Breaking
"The shift towards a cashless society in Australia is accelerating, with the Reserve Bank Governor Michele Bullock revealing that cash transactions now account for a mere 13% of consumer purchases."
Reuters
"Australia's central bank is considering a slate of new regulations for the payments system to open the use of mobile wallets, make costs more transparent and allow retailers to put surcharges on buy-now-pay-later services."
PR Newswire
"The world's first universal payments platform Optty has partnered with Australia's largest PayTo provider Monoova to gain access to Australia's payment rails, including PayTo, PayID, BPAY, and online card payments, all via Monoova's API."
Business Wire
"Ripple, and payments fintech Onafriq, previously MFS Africa, announced that they are partnering to facilitate digital asset-enabled cross-border payments between Africa and several new markets, including the Gulf Cooperation Council (GCC), the UK and Australia."
CoinGeek
"Tokenized money, including central bank digital currencies (CBDCs), could be the future of money and unlock over $10 billion in savings for Australia, the central bank says."
Adyen
"Adyen brings Tap to Pay on iPhone to its Australian retailer customers: By partnering with NewStore for the launch, businesses including R.M.Williams, Lorna Jane, and Munro Footwear Group, parent company to Mathers, Williams, Midas and Mountfords, can now accept contactless payments using only an iPhone and the NewStore Associate iOS app."
Reserve Bank of Australia
"Brad Jones, Assistant Governor (Financial System) discuss the role that tokenised assets and money might have in shaping the future of Australia’s financial system."
Reuters
"Australia's central bank on Monday said tokenised money could help save billions of dollars in costs in domestic financial markets, as it studies whether and how to launch a central bank digital currency."
Reuters
"The Australian government said on Wednesday it planned to introduce laws that would empower the central bank to regulate digital wallet providers including Apple Pay and Alphabet's Google Pay."
Reserve Bank of Australia
"The Bank has released a Conclusions Paper setting out the conclusions of its recent public consultation on options for further enhancing the competitiveness, efficiency and safety of Australia’s debit card market."
Reserve Bank of Australia
"The Bank has released a Conclusions Paper setting out the conclusions of its recent public consultation on options for further enhancing the competitiveness, efficiency and safety of Australia’s debit card market."
News
"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."
Business Insider
"Australia will not be making any decision on a central bank digital currency (CBDC) for some years due to several unresolved issues that surfaced at the end of the pilot project, the country's central bank announced on Wednesday."
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."
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."
ABC News
"Australia is set to be a cheque-less society by the end of the decade, if the federal government has its way. Treasurer Jim Chalmers announced on Wednesday morning that his government would be moving to phase out cheques by no later than 2030."
Reuters
"Commonwealth Bank of Australia (CBA) said on Thursday it would block some payments to certain cryptocurrency exchanges as part of a suite of new anti-scam measures that would limit customer crypto payments."
iTnews
"Banks and fintechs have lent their support to a new strategic plan for Australia’s payments system that was unveiled by the government on Wednesday."
Reuters
"Commonwealth Bank of Australia, the country's biggest lender, said on Tuesday it was removing transaction fees for its domestic retail and business banking customers sending money outside of the country using one of its digital platforms."
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."
EIN News
"CTC International Services a leading technology solutions provider, is proud to announce the successful development of an innovative NFC-to-NFC mobile payment solution."
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."
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."
Reuters
"Australia said it would regulate buy-now-pay-later services as a consumer credit product under new laws, forcing BNPL providers to carry out background checks before lending in what would be one of the world's toughest regimes for the startup sector."
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."
Cointelegraph
"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."