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.

Search Payments News

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.”

February 3, 2020

On the web

How to Prepare for Open Banking

Broker News

“Australia will soon transition from a closed banking system – in which each financial institution keeps and controls its customers’ information – to one in which customers control their own data. The new regulated system aims to allow customers to unlock their own financial data and to provide them with a wider choice of financial products and services, while enabling a more competitive marketplace.”

January 24, 2019

On the web

September 28, 2018

On the web

Australia’s big banks slammed for greed and dishonesty

Banking Technology

“The report explains: “Much more often than not, when misconduct was revealed, little happened beyond apology from the entity, a drawn out remediation programme and protracted negotiation with ASIC of a media release, an infringement notice, or an enforceable undertaking that acknowledged no more than that ASIC had reasonable ‘concerns’ about the entity’s conduct.”

September 24, 2018

On the web

September 5, 2018

On the web

September 4, 2018

On the web

Australia’s Big Four roll out real-time payments with Osko


“Using Osko, money can be sent and are received in under a minute via a PayID or BSB and account number between participating Osko banks and financial institutions. Customers can attach up to 280 characters of text or emojis to describe the payment. Over 1.9 million Australian’s have already signed up for a PayID and this number is expected to grow as the service becomes ubiquitous.”

July 25, 2018

On the web

Coinbase Lets You Convert Your Tokens Into Gift Cards


“It’s still quite hard to buy physical goods using bitcoins or ethers. Coinbase plans to (partially) solve that issue with a new partnership with WeGift. Coinbase customers in Europe and Australia can now convert their tokens on their Coinbase account into digital gift cards for popular stores. For instance, you’ll be able to buy gift cards for Uber, Tesco, Google Play, Marks and Spencer and more. The feature is now live in the U.K., Spain, France, Italy, Netherlands and Australia.”

May 29, 2018

On the web

Big Bank’s Mobile App Beem IT Goes Live In Oz


“As reported in October 2017, three of the nation’s largest banks, the Commonwealth Bank of Australia (CBA), National Australia Bank (NAB) and Westpac partnered to create the app. In what was described as an apparent bid to compete with new companies entering the finance sector, Beem IT is designed to allow customers to have a digital wallet on their mobile and make P2P payments.”

May 3, 2018

On the web

ANZ sees dramatic uptake in digital wallet payments


“ANZ Bank customers made almost $600 million in mobile payments during the first half of fiscal year 2018. The bank said today that customers completed more than 18.5 million mobile payment transactions in the half, an increase of 156 percent on the previous corresponding period.”

April 19, 2018

On the wires

March 16, 2018

Top Post

NPP is ‘attempting to address’ fraud risks: RBA


“The New Payments Platform launched in February, but participants and the platform itself continue to negotiate fraud risks, the Reserve Bank of Australia has revealed. Assistant financial system governor at the RBA Michele Bullock told an audience in Sydney on Tuesday that there’s a lot happening in the payments space as participants and platforms work to create seamless experiences. However, when it comes to the New Payments Platform (NPP), there’s still work to be done to address fraud risks.”

February 13, 2018

On the web

Australia’s new payments platform goes live


“The billion-dollar new platform underpinning Australia’s payments system has been set live to the public today, but the Commonwealth Bank is the only major bank to open it to customers at launch. The financial services industry and federal government have been working on the new payments platform (NPP) since early 2012.”

Payments News

Give us your email address or link to our RSS feed and we’ll push the daily Payments News headlines to you.

Glenbrook Payments Boot camp®

Register for the next Glenbrook Payments Boot Camp®

An intensive and comprehensive overview of the payments industry.

Train your Team

Customized, private Payments Boot Camps tailored to meet your team’s unique needs.

OnDemand Modules

Recorded, one-hour videos covering a broad array of payments concepts.

Glenbrook Press

Comprehensive books that detail the systems and innovations shaping the payments industry.