Payments NewsAustralia Archives - Page 2 of 3 - Payments News

Cash Payments Plummet Thanks to Pandemic

June 8 2020

“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 […]

Global

Australia Central Bank May Use Powers to Lower E-payment Costs

June 3 2020

“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 […]

Global

How to Prepare for Open Banking

February 3 2020

in
Australia

“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 […]

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

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

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.”

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 […]

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 […]

Companies

eBay Continues to Expand Its Management of Payments to Australia and Canada

April 20 2020

“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 […]