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June 26, 2024
Top Post
Online Retail Payments – Some Policy Issues (Australia/Speech at the Merchant Risk Council)
Reserve Bank of Australia
"The payments landscape in Australia is continuing to evolve rapidly, with new business models and technologies emerging. This is particularly the case for online retail payments, which I will focus on today. But first, I will provide you with a brief update on the Australian Government’s reforms to the RBA’s regulatory role in payments and on the RBA’s upcoming review of retail payments regulation."
June 18, 2024
On the web
RBA Flags BNPL Fee Crackdown in Broader Probe Into Credit Cards
Australian Financial Review
"The Reserve Bank has flagged a crackdown on buy now, pay later operators, and may force them to let retailers pass the cost of the short-term credit on to customers, as it outlined plans to launch a review of payment regulations as soon as it is handed stronger powers."
June 11, 2024
On the web
Australia Moves to Rein in Buy-Now-Pay-Later with Credit Check Law
MSN
"The Australian government on Wednesday introduced legislation that would require buy-now-pay-later (BNPL) firms to run credit checks on borrowers, aiming to regulate the rapidly growing sector popular among youth like other consumer credit products."
Afterpay’s No Interest Model Saved Australians $127 Million in Consumer Fees and Interest in 2023 Compared to Credit Cards, Research Reveals
Afterpay
"Afterpay released new research which demonstrates the vital economic impact of Australia’s leading Buy Now Pay Later provider on its 3.5 million active customers and 129,000 merchants across the country."
May 9, 2024
On the web
Adyen and Cover Genius Team up to Enhance Payment Experiences for End-Customers [Sydney]
Adyen
Adyen announced its partnership with Cover Genius, the global insurtech for embedded protection. Adyen is now one of the insurtech’s payment processing partners, offering local payment methods in the Americas, Europe and Asia-Pacific, to help the insurtech increase its authorisation rates for online payments.
May 8, 2024
On the web
Banked and NAB Partner to Accelerate Pay by Bank Adoption in Australia
Banked
"Leading global fintech Banked and National Australia Bank have launched a new partnership to accelerate the number of Australian merchants adopting and integrating account-to-account (A2A) payments solutions."
May 3, 2024
On the web
Afterpay Announces Huge Change to How Customers Make Payments [Australia]
Yahoo Finance
Afterpay has announced a huge change to the way customers can pay for their purchases...Aussies will be allowed to choose the day of the week that they hand over their money from June 18.
April 23, 2024
On the web
Report Highlights Benefits and Challenges of Interlinking Fast Payment Systems for Cross-border Payments
Reserve Bank of Australia
"The Reserve Bank of Australia released a report analysing the benefits, design choices and challenges associated with linking fast payment systems across countries."
April 18, 2024
On the wires
Finmo Introduces Direct Real-Time Payment (RTP) Integration in Australia and Expands Global Team
PR Newswire
"Finmo Tech Pte. Ltd announced its direct integration with Australia's New Payment Platform (NPP) as an identified institution through its partner bank, Australian Settlements Limited (ASL)."
March 26, 2024
On the web
Westpac’s ‘First-Of-Its-Kind’ Crackdown on Scammers
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."
March 22, 2024
On the web
Cashless ‘Fear’ as Date Australia Will Ditch Physical Money Is Revealed
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."
March 19, 2024
On the web
Australian Payments Chooses Swift to Develop Confirmation of Payee Service
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."
February 29, 2024
On the web
Older Australians ‘Left Behind’ by Increasingly Cashless Society as Banks Fast Track End of Cheques
ABC
"Australia is phasing out cheques by 2030, but banks are moving well ahead of the federal government's timeline."
January 18, 2024
On the web
The Double-Edged Sword of Australia’s Cashless Society
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."
December 12, 2023
On the wires
Australia’s Central Bank Flags Broad Payments System Reforms
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."
November 15, 2023
On the wires
Monoova Launches Real-Time Payments in Australia for World’s First Universal Payments Platform, Optty
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."
November 8, 2023
On the wires
Ripple Partners with Onafriq to Power Digital Asset-Enabled Cross-Border Payments Between Africa and the Rest of the World
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."
October 20, 2023
On the web
Tokenized Money, CBDC Could be the Future of Money: Australia’s Central Bank
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."
October 16, 2023
On the web
Adyen Goes Live with Tap to Pay on iPhone with Launch Partner NewStore in Australia
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."
A Tokenised Future for the Australian Financial System?
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."
On the wires
Australia Central Bank Sees Possible Cost Savings in Tokenisation
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."
October 11, 2023
On the web
Australia Unveils Draft Law to Regulate Digital Payment Providers
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."
October 3, 2023
On the web
The Australian Debit Card Market: Default Settings and Tokenisation – Conclusions Paper
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."
September 28, 2023
On the web
The Australian Debit Card Market: Default Settings and Tokenisation – Conclusions Paper
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."
September 15, 2023
On the web
Australia to be ‘Functionally Cashless’ by 2025
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."
August 23, 2023
On the web
Australia's CBDC Likely Some Years Away, Central Bank Says
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."
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
Cheques Will be Phased Out by 2030 as Mobile Wallet Use Sky-Rockets (Australia)
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."
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