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Global

Australia Has Moved Beyond The Need For Money

August 9 2022

“When’s the last time you paid for something using physical money? For many of us, particularly in Australia, it’s a tough question to answer. Thanks to the proliferation of online banking, contactless payments and even cryptocurrencies, fewer and fewer transactions are being made with cash. This trend has only accelerated during COVID. According to the Reserve […]
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Global

Reserve Bank and Digital Finance Cooperative Research Centre to Explore Use Cases for CBDC (Australia)

August 9 2022

“The Reserve Bank is collaborating with the Digital Finance Cooperative Research Centre (DFCRC) on a research project to explore use cases for a central bank digital currency (CBDC) in Australia. Considerable research has been undertaken by central banks, including the Reserve Bank, into the feasibility and possible technical design of CBDC, in particular exploring the […]
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Global

Up Launches Savings Based Solution to Buy Now Pay Later (Australia)

August 2 2022

“Research released today by Up has found a quarter of Australians under 35 say Buy Now Pay Later has encouraged them to make purchases they regret, with the services evoking feelings of stress (29 per cent) and apprehension (30 per cent). More than half (57 per cent) of young Aussies say they would be interested […]
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Global

NPP Australia Rolls Out New Digital Payments Solution, PayTo

July 6 2022

“NPP Australia — an infrastructure company that enables customers of different banks to make and receive real-time payments — says it has been working with the financial services industry to develop the PayTo service. The firm says PayTo is a “foundational capability” that will enable a broad range of use cases and provide a “springboard […]
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Global

Digital Bank Volt, Which ‘Wanted to Change the World of Banking’, Shuts Down

June 29 2022

“The chief executive of failed neobank Volt still believes there is merit in trying to disrupt Australia’s banking oligopoly, saying his firm’s technology and products were competitive but it couldn’t raise the capital to keep growing. About 6000 customers who had money with Volt were told on Wednesday to urgently withdraw their funds before the […]
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Global

AusPayNet Issues Guidelines to Facilitate QR-Code Payments

June 1 2022

“Australian Payments Network (AusPayNet), the payments industry self-regulatory body, has published guidelines for Quick Response (QR) codes as a payment method. The guidelines will be voluntary for financial institutions, payment service providers, merchants and other payments industry participants and are designed to encourage consistency in how QR codes are used. The guidelines can be accessed […]
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Global

NAB Introduces NAB Now Pay Later as it Enters the BNPL Market

May 27 2022

“National Australia Bank (NAB) has joined the buy now, pay later (BNPL) market with the launch of NAB Now Pay Later. NAB boasts that unlike other BNPL products, NAB Now Pay Later charges no late fees, interest, and account fees. Customers will be able to access up to AU$1,000, split purchases in four payments, and […]
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Global

New Aussie Money App to Help Kids Learn About Digital Money

May 18 2022

“Thousands of families across Australia are set to try out Kit, a new CommBank-supported money app that could revolutionise how kids learn to earn, save, spend, and manage money, in the digital economy. The app has been launched today as a trial by x15ventures (CommBank’s venture arm), as new research highlights the increasing difficulties parents […]
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On The Wires

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Companies

EPayments and Alchemy Pay Partner for Australian and NZ Crypto Payments

April 20 2022

“Fiat-crypto payments provider, Alchemy Pay (ACH), has partnered with merchant payment provider, ePayments, to offer crypto payments and services in New Zealand and Australia. ePayments will integrate with Alchemy Pay to provide to their merchants with crypto payment acceptance, as well as payments with Binance Pay. As part of the partnership, Alchemy Pay will also leverage ePayments’ NZ […]