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May 18, 2022

On the web

New Aussie Money App to Help Kids Learn About Digital Money


“Thousands of families across Australia are set to try out Kit, a new CommBank-supported money app that could revolutionise how kids learn to earn, save, spend, and manage money, in the digital economy. The app has been launched today as a trial by x15ventures (CommBank’s venture arm), as new research highlights the increasing difficulties parents face as kids grow up using digital devices and the use of cash is declining rapidly.”

April 21, 2022

On the web

Australian Business Credit Card Startup Archa Raises $24 Million in Debt and Equity

Finextra Research

“The equity injection came from a list of experienced investors and founders, including CEO and founder of Wisr, Anthony Nantes, Alex Vynokur of Apex Capital and Betashares, Adam Jacobs, co-founder of The Iconic and Hatch, and former Macquarie Capital executives John Prendiville and Link Chairman. The round also included both Founders of Netspace, Stuart Marburg and Richard Preen, and a list of high-profile family offices.”

April 20, 2022

On the wires

EPayments and Alchemy Pay Partner for Australian and NZ Crypto Payments


“Fiat-crypto payments provider, Alchemy Pay (ACH), has partnered with merchant payment provider, ePayments, to offer crypto payments and services in New Zealand and Australia. ePayments will integrate with Alchemy Pay to provide to their merchants with crypto payment acceptance, as well as payments with Binance Pay. As part of the partnership, Alchemy Pay will also leverage ePayments’ NZ and Australian fiat payment channels and provide global crypto service providers with access to users in these markets.”

November 19, 2021

On the web

Reserve Bank of Australia Taking Cautious Crypto Approach

Crowdfund Insider

“While the Reserve Bank of Australia (RBA) is conducting research into various applications of cryptocurrencies and distributed ledger technologies, they are under no pressure to quickly roll out solutions to address clear needs in the marketplace, a representative said earlier today. Speaking to the Australian Corporate Treasury Association, head of payments policy Tony Richards, shared his thoughts on what if any roles crypto, stablecoins, and central bank digital currencies could play in the marketplace in the years ahead. He said the growth of this sector has generated the most discussion of any topic the Reserve Bank of Australia has seen in his decade with the organization.”

November 3, 2021

On the web

Over a Million Australians Have Abandoned Credit Cards for Buy Now, Pay Later Services in the Past Year, New Research Shows

Business Insider Australia

“Over a million Australians cancelled their credit cards in the past year in favour of the raft of services offering interest-free payment instalments, new research conducted by Nielsen and DBM Atlas shows…The Reserve Bank of Australia reported in March 2020 that buy now, pay later transactional values had risen by 55% in the past 12 months.”

October 20, 2021

On the web

October 13, 2021

On the web

Eftpos Partners With Major Aussie Banks and Retailers to Launch QR Code Payments Platform | ZDNet


“Eftpos has partnered with Commonwealth Bank of Australia, National Australia Bank, Coles, Woolworths, Azupay, Beem It, and Merchant Warrior to launch its new QR code payments platform it’s calling eQR. To begin rolling out as a new consumer payment option before Christmas, eQR has been described by Eftpos CEO Stephen Benton as a system that will become the “QR equivalent” of the company’s tap and pay feature on its debit cards.”

August 30, 2021

On the web

Australia Considering New Laws for Apple, Google, WeChat Digital Wallets


“The Australian government is considering new laws that would tighten the regulation of digital payment services by tech giants such as Apple (AAPL.O) and Alphabet’s Google (GOOGL.O) . Treasurer Josh Frydenberg said he would “carefully consider” that and other recommendations from a government-commissioned report into whether the payments system had kept pace with advances in technology and changes in consumer demand. Services such as Apple Pay, Google Pay and China’s WeChat Pay, which have grown rapidly in recent years, are not currently designated as payment systems, putting them outside the regulatory system.”

August 10, 2021

On the web

August 4, 2021

On the web

Eftpos Makes AU$30m Commitment to Upping Security for Online Payments | ZDNet


“Australian payments provider Eftpos has announced plans to spend another AU$30 million on digital upgrades to its network over the next year, including new security features. The AU$30 million adds to the AU$70 million Eftpos has already spent on its network over the last four years. The new security features are expected to be available to all Australian banks and financial institutions by November, with plans for a full rollout by May 2022.”

July 29, 2021

On the wires

Cuscal Leverages BHMI’s Concourse to Support NPP Australia’s PayTo Initiative

BHMI , a leading provider of payments software and creator of the Concourse Financial Software Suite® , announced that Cuscal Limited , Australia’s leading independent provider of payment solutions, will be utilizing BHMI’s Concourse solution to support the needs and requirements for Australia’s New Payments Platform (NPP) upcoming PayTo initiative, which provides customers with enhanced visibility and control over their payment options.”

July 28, 2021

On the web

Eftpos QR Code Payments Tech Is Ready for Action | ZDNet


“Australian payments player Eftpos has announced completing the build of its new QR code payments infrastructure. The first stage of the QR infrastructure was built in early July, CEO Stephen Benton said, and is described as being designed to provide secure and enhanced consumer purchasing and engagement experiences through loyalty, offers, receipts, and added security. Benton said testing of the new QR code infrastructure is underway and end-to-end testing would be completed when the first merchant goes live in August. Eftpos said the first commercial trials would be announced in the coming weeks.”

June 7, 2021

On the web

PayPal Taps Into the NPP for Instant Transfers to Bank Accounts


“PayPal has introduced a new feature enabling transfers from PayPal balance to domestic bank accounts and Visa debit cards within one minute. The feature uses the New Payment Platform (NPP) through PayPal’s partnership with the National Australia Bank (NAB) and Visa’s real-time payments platform, Visa Direct. It is available for transfers as low as $2 with maximum transfers dependant on individual consumer history. Through Visa Direct, the feature also allows users to send domestic instant transfers to eligible Visa debit cards.”

May 27, 2021

On the web

CBA Ups Digital Game With Open Banking Move and $50 Million Invesment in Disruptive Businesses

Finextra Research

“Commonwealth Bank of Australia has become the first of Australia’s Big Four banks to let customers see balances from other banks within its banking app under the country’s new Open Banking rules. The move comes as the bank ups its digital game with a $50 million investment in disruptive business platforms Little Birdie and Amber.”

May 24, 2021

On the web

Australian Fintech Firm Mx51 Raises $25 Million

Finance Magnates | Financial and business news

“Australia’s fintech startup, mx51 announced that the company has secured $25 million in the Series A funding round to accelerate its expansion. According to an official announcement , the recent funding round was led by Acorn Capital, Artesian, Commencer Capital and Mastercard . In addition, the company is planning to introduce new features to compete with other payment platforms in the country. Founded by Victor Zheng, the formed Westpac Executive and Co-Founder of Assembly Payments, the fintech platform enables banks and non-bank acquirers to provide modern and seamless multi-channel payments and value-added solutions to merchants.”

May 19, 2021

On the wires

CBA Predicts Digital Wallets Set to Become the Most Popular Contactless Way to Pay

“Commonwealth Bank today released new figures showing a significant uptick in digital wallet usage over the last 12 months. The figures highlight the growing popularity of digital wallets and the likelihood for them to become the most popular contactless way to pay in-store by the end of the year, if current trends continue. Between March 2020 and March 2021 the number of monthly digital wallet transactions increased 90 per cent, with the number of transactions rising from 36 million to 68 million. Over the same period, the total dollar value of digital wallet transactions more than doubled, with the value of monthly transactions rising to $2.1 billion, up from $1 billion.”

April 30, 2021

On the wires

Updated NPP Roadmap Presents ‘PayTo’ – NPPA

“Every six months, the NPP Roadmap provides an updated overview of the plans to enhance and extend the Platform’s capabilities to meet wider needs of the payments ecosystem. The April 2021 roadmap – now available here – unveils the name chosen as the new official moniker for what was previously known as the Mandated Payments Service. NPP Australia’s Head of Engagement, Katrina Stuart, said PayTo was selected after an extensive process to find the right identity for the service that will enable customers to pre-authorise third parties to initiate payments directly from their bank account.”

March 3, 2021

On the web

National QR Payments and Rewards System to Be Launched in Australia


“Australia’s Eftpos national debit card system is to launch a QR code-enabled mobile payments and rewards network that will enable “seamless payment experiences across ecommerce, mobile and point of sale”. The low-cost solution will work “by generating unique QR codes containing transaction details that are captured on a consumer’s mobile phone, initiating a secure digital wallet payment that is seamlessly integrated with the merchant’s loyalty service provider,” Eftpos says.”

March 1, 2021

On the web

New Rules for Buy Now, Pay Later


“Australia has become the first country to implement industry standards for the buy now, pay later (BNPL) sector, designed to ensure safe practices and “name and shame” dodgy lenders. The new code drafted by the Australian Finance Industry Association will come into effect on Monday and is the first pledge by the emerging sector to improve safeguards for customers. Companies such as Afterpay, Klarna and Zip will have to adhere to new rules such as caps on the number of late payments a person can accrue, and mandatory financial checks before purchasing.”

December 15, 2020

On the web

Eftpos, BPay, NPP agree to merge, to help banks take on card giants

Australian Financial Review

“Three domestic payment systems – Eftpos, BPay and NPP Australia – have agreed to merge in a deal that would create a larger, coordinated player better able to compete against US card giants Visa and Mastercard, which have been stealing market share in debit payments. The merger, which requires Australian Competition and Consumer Commission approval, will also allow banks to coordinate investment to ensure domestic payment infrastructure remains innovative and transaction data is not lost to offshore technology companies.”

On the wires

COVID-19 Ushers in Digital Shift for Banking & Payments Amongst Australians

“COVID-19 has pushed vast swathes of Australians and people around the world into becoming more digitally savvy when it comes to banking and apps, according to Mastercard’s inaugural global State of Pay report. The lockdowns imposed across the globe have made getting to bank branches much harder for everyone, prompting a sharp surge in online activity and mass adoption of banking apps that allow people to keep firmly in control of their finances.”

December 8, 2020

On the wires

Mastercard Expands Partnership with Transport for New South Wales with Faster, Flexible Digital Payment Options for Sydney’s Commuters

“With the global economy racing to embrace digital payments, Mastercard research shows 66 percent of consumers use as much, or more contactless payment experiences compared to before the pandemic1. Meeting this demand, Mastercard is working with its urban mobility partners to apply digital payment innovation to transit environments in order to provide commuters with fast, convenient and secure payment experiences across whichever travel mode they choose.”

November 30, 2020

On the web

APRA gives TransferWise a restricted banking licence

Australian Financial Review

“One of Europe’s largest fintechs, TransferWise, will be able to connect directly into Australia’s real-time payments system and further reduce foreign exchange fees, after the prudential regulator awarded it a restricted banking licence on Monday. The Australian Prudential Regulation Authority said the London-based foreign exchange disrupter had been granted a licence to provide a purchased payment facility as a limited ‘authorised deposit taking institution.'”

October 27, 2020

On the web

Australian Treasury Orders Review of Domestic Payments Regulation

Regulation Asia

“The Australian government has said it will review the regulatory architecture of the domestic payments system to ensure it remains fit for purpose and capable of supporting innovation beneficial for both businesses and consumers. “The regulatory architecture that applies to these new technologies, businesses and products have served us well, but have remained largely unchanged for over two decades,” the terms of reference of the review say. “This review would look at the roles of industry self-regulation, regulators and the government and consider whether the balance is right in promoting competition, innovation, efficiency, resilience and stability of the system.””

September 10, 2020

On the web

NAB Hits Back at Afterpay with a No Interest Credit Card

Australian Financial Review

“The rapid growth of Afterpay and younger borrowers’ desire for more control over debt prompted a response from National Australia Bank, which launched a no-interest credit card on Wednesday in a banking world-first. NAB’s StraightUp card will never charge interest to the customer, in contrast to the 20 per cent rates on many credit cards. Users will instead be required to pay a minimum amount each month (depending on the card’s credit limit), including a monthly fee. There are no late fees and no fees if the card is not used.”

June 11, 2020

On the wires

Pay by Link Technology Helps Australian Boutique Keep Sales Flowing During Lockdown

Adyen, the global payments platform of choice for many of the world’s leading companies, today announced Australian fashion retailer, Incu , has implemented its Pay by Link technology to reach customer markets which had been shut off by the COVID-19 lockdown. Just weeks after Pay by Link launched, Incu is achieving the same level of sales from key customer segments as before stores closed. Prior to stores shuttering in March, Incu staff used Chinese messaging service, WeChat, for social selling. It operated as an interactive mailing list, to share new product updates, answer sizing and styling questions, and transact with Mandarin-speaking customers. Purchases were then finalised through in-store Point of Sale (POS), or via direct transfer.”

June 8, 2020

On the web

Cash Payments Plummet Thanks to Pandemic


“Bullock predicts that ATM consolidation around the country will accelerate, which on one hand is not the issue it was years ago since ATM interchange fees are mostly gone in the country, but on the other hand, cash is still heavily used by older and poorer Australians. An RBA survey last year found that while one-third of respondents did not use cash at all, 10% use it for all payments. With less reliance on cash, the focus turns to the electronic replacements and the fees and resilience of the payment networks.”

June 3, 2020

On the web

Australia Central Bank May Use Powers to Lower E-payment Costs


“Australia’s central bank could use its regulatory powers to reduce the cost of electronic payments for merchants and consumers as the coronavirus pandemic makes people wary of using cash, Assistant Governor Michele Bullock said on Wednesday. The Reserve Bank of Australia (RBA) is conducting a review of retail payments regulation in the country with a focus on the cost and resilience of electronic payments and access to cash.”

April 20, 2020

On the wires

eBay Continues to Expand Its Management of Payments to Australia and Canada

“As eBay continues to modernize its marketplace and create a more streamlined experience for buyers and sellers, the company is expanding its management of payments to Australia and Canada later this year. Australia and Canada are the fourth and fifth countries to offer eBay’s new payments experience, after the U.S., Germany and the U.K. “By managing payments on our platform, we are enhancing the eBay experience by breaking down barriers and removing complexities for our customers,” said VP of Global Payments Alyssa Cutright. “We’re excited to roll out the new experience globally this year, with Australia and Canada joining our growing roster of countries.”

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