Payments News » Australia

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

May 29 2018

“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 […]

Global

ANZ sees dramatic uptake in digital wallet payments

May 3 2018

in
Australia

“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.”

Global

NPP is ‘attempting to address’ fraud risks: RBA

March 16 2018

“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 […]

Companies

Coinbase Lets You Convert Your Tokens Into Gift Cards

July 25 2018

“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 […]

Global

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

September 4 2018

“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 […]

Global

Australia’s big banks slammed for greed and dishonesty

September 28 2018

in
Australia

“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.”

Global

Payments and market infrastructure development: Reserve Bank of Australia – Central Banking

January 24 2019

“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.”

Global

Most Aussies are aware of tap and go but hardly any of us are using it

September 24 2018

“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 […]

Global

Fast payments off to a slow start

September 5 2018

“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.”

Companies

FIS Connects Three Australian Financial Institutions to Real-time Payments Platform

April 19 2018

“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).”