Payments News

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Global

Transforming Ecommerce with PowerBoard

“The role of a bank in ecommerce in Australia is changing, with the launch of CBA’s new platform PowerBoard. With this solution, selected merchants will be able to “plug in” to the platform once and deploy their ecommerce offering, gaining access to a range of payment methods which can be seamlessly switched on for their […]
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Global

Regulatory Changes Flagged for Afterpay and Other Buy Now, Pay Later Services

“Afterpay customers could have to undergo more detailed credit checks under new regulations being considered for the buy now, pay later (BNPL) sector. Treasury is putting the finishing touches on its review of how BNPL operators such as Afterpay, Zip, humm and Klarna can be regulated to help provide better protections for consumers. The resulting […]
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Global

Australia Issues White Paper for Central Bank Digital Currency

“The Reserve Bank of Australia (RBA) has set out to explore use cases for a digital version of the Australian dollar. It’s collaborating on the project with the Digital Finance Cooperative Research Centre (DFCRC), a research program funded by the government and the financial sector. This week, the two released a white paper for the central bank […]
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Global

National Australia Bank Lets Merchants Accept Contactless Payments on Android NFC Smartphones

“Merchants in Australia can now accept contactless payments directly on their Android NFC smartphone or tablet using National Australia Bank’s Easy Tap software point of sale (sPOS) solution. The Easy Tap app is “a simple low-cost solution which lets you take payments anywhere, any time, with no need for a separate terminal” and provides merchants with “transaction […]
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Global

Gallagher ‘Confident’ Government Payments Stable after NPP and RBA Outage

“A major outage at the Reserve Bank of Australia and the New Payment Platform that narrowly missed Thursday’s welfare and pension payroll run has prompted reassurances from the government that the recently built system is stable, as it seeks urgent answers about what went wrong. As consumers and bank customers woke on Thursday to wonder […]
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Global

PayTo: Blockchain Changing The World Of Finance (Australia)

“As part of a new system that is expected to “revolutionise” payments, consumers will be able to authorise direct debit payments, such as those for gym memberships, directly from their banking app, rather than having to fill out paper or online forms. Last month, the Commonwealth Bank activated PayTo, a new technological tool that promises […]
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Global

Australia to Explore Potential for Retail and Wholesale CBDCs

“The Reserve Bank of Australia (RBA) is collaborating with the Digital Finance Cooperative Research Centre (DFCRC) to explore use cases for a central bank digital currency (CBDC). The (DFCRC) is a 10-year, A$180 million research programme funded by industry partners, universities and the Australian government, through the Cooperative Research Centres Programme. The project intends to test […]
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Global

The Cost of Card Payments for Merchants (Australia)

“The average cost for a merchant to accept a card payment has declined over recent years. However, consumers are making more payments with cards than ever before, which is raising total payment costs for merchants. Smaller merchants also face notably higher card payment costs per transaction than larger merchants. To strengthen competition and help reduce […]
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Global

What CBA’s PayTo Tool Means for You (Australia)

“Commonwealth Bank customers will get the power to control scheduled debit payments from inside the bank’s app after it enabled a new system known as PayTo last weekend. The move will start a shift to processing more payments through real-time national infrastructure known as the NPP rather than debit payment rails owned by global card […]
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Global

CommBank Rolls Out PayTo Bill Payments for Customers

“The feature is the latest initiative by New Payments Platform Australia (NPPA), creating a new way for customers to authorise payments from their CBA bank account in near real-time. The PayTo functionality will allow eligible customers to manage one-off or recurring new PayTo payment agreements within the security of the CommBank App and NetBank, enabling […]