Payments News

On The Web

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Global

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 […]
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Global

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 […]
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Global

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

“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, […]
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Companies

APRA gives TransferWise a restricted banking licence

“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 […]
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Global

Australian Treasury Orders Review of Domestic Payments Regulation

“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 […]
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Global

NAB Hits Back at Afterpay with a No Interest Credit Card

“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. […]

On The Wires

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Global

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 […]
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Companies

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, […]