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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
ZDNet
“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
Reuters
“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
Payments and market infrastructure development: Reserve Bank of Australia – Central Banking
Central Banking
“The final result bore fruit in February 2017 with the creation of the New Payments Platform – a ‘new set of payment rails’ to allow real-time payments. The NPPconsists of two sets of payment infrastructure – the NPP ‘basic infrastructure’, run and designed by Swift, and the RBA’s Fast Settlement Service.”
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
Most Aussies are aware of tap and go but hardly any of us are using it
Finder
“In a world awash with new ways to pay, it appears only a small percentage of us are actually utilising them. A study from Roy Morgan based on interviews with over 50,000 consumers found that despite 57.3% of Australians being aware of tap and go payments, only 11.5% had used it in the past 12 months.”
September 5, 2018
On the web
Fast payments off to a slow start
Sydney Morning Herald (Australia)
“The Reserve Bank, which pushed banks to invest in the platform, last month said it was “disappointing” some major banks were not ready to offer the service back in February, despite having years to prepare.”
September 4, 2018
On the web
Australia’s Big Four roll out real-time payments with Osko
Finextra
“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
TechCrunch
“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
BankingTech
“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
iTnews
“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
FIS Connects Three Australian Financial Institutions to Real-time Payments Platform
“Continuing its leadership in the global movement toward real-time payments, global financial technology provider FIS™ (NYSE: FIS) announced today that it has leveraged its Open Payment Framework (OPF) to connect three leading Australian financial institutions to the country’s New Payments Platform (NPP).”
March 16, 2018
Top Post
NPP is ‘attempting to address’ fraud risks: RBA
Nestegg.com.au
“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
itnews
“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.”
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