Apple Pay goes live for CBA
Commonwealth Bank customers can now use their iPhones for tap-and-go payments, in a change that may up the pressure on the remaining big banks to follow suit and cave in to the tech giant. The country’s biggest bank on Wednesday started providing Apple Pay, a service that allows customers to make contactless payments with their phones, as well as streamlined purchases in apps and on the web. Until CBA announced its deal with Apple last month, ANZ Bank had been the only big four bank to provide the service in Australia, after CBA, Westpac and National Australia Bank reached a stalemate in talks with Apple in 2016 over access to […]
Big four banks consider creating their own digital brands
Each of the big four banks have considered launching new digital bank brands to attract new, young, digital-savvy customers. Apart from National Australia Bank’s UBank, the plans have been non-starters, getting lost among layers of bureaucracy, management changes and restrictions on new investment. But the pending launch of Volt Bank, which on Tuesday received an unrestricted banking licence from the prudential regulator, and with Up already in the market, the majors might be forced to reconsider whether creating entirely new standalone digital brands, or partnering with emerging players in the emerging “neobank” space, is needed to stay on the front foot in the fast-moving world of digital banking. NAB is […]
Australia prepares payments for digital age
The Australian Payments Council (APC) is inviting businesses, NGOs, government and consumers to comment on what’s needed to support payments in the digital economy of the future. Chairman of the APC Robert Milliner says: “We are renewing our strategic vision for the payments system and are looking for views on how we can collaborate to navigate the rapidly changing landscape.” With this mind it has today (22 January) launched a consultation paper – “2019 Consultation – Payments in a Global, Digital World” – as it seeks to make this a reality Down Under. To give you some background, in 2015, the APC consulted across the country to develop the Australian […]
“High fives” as Volt gets full licence
“Tears and high fives” swept the office at one of Australia’s biggest challenger banks yesterday, as it was granted its full banking licence (22 January). Volt Bank was the first digital bank to be given a restricted authorised deposit-taking institution (ADI) licence in May last year from the Australian Prudential Regulation Authority (APRA). Since that time the team has worked “tirelessly” to put the technology and processes in place to become a fully licenced bank. With a full licence there are no restrictions on the amount the bank can lend or receive. CEO Steve Weston said they planned to introduce home loans at the back end of 2019, with mortgage […]
Aussie fintech brings leading Chinese mobile payment platform to local shores
AirPay Financial Technologies has teamed up with major Chinese company SwiftPass to give Australian retailers, e-commerce sites and mobile apps better access to a booming consumer market through mobile payments. The two groups have formed the new lifestyle brand ‘AirPass’, allowing local Australian businesses to accept WeChat Pay and Alipay both online and offline, as well as reaching overseas markets to capitalise on the global Chinese spending boom. AirPass will also help Australian retailers and brands set up their own WeChat eStores to tap into Chinese social marketing channels, reaching new customers in China along with Chinese communities around the globe. The Australian company has offices in Melbourne, Sydney and […]
Faster, cheaper: blockchain breeds competition
Blockchain technology has the potential to provide superior post-trade infrastructure to investors. Fund managers will soon be enjoying faster and cheaper transactions than what monopoly incumbents such as the ASX offer, thanks to competition, a tech company boss predicts. The post-trade world is “very, very expensive relative to the work that is performed”, says Peter Randall, president of technology company SETL. SETL has built institutional payment and settlements infrastructure based on blockchain technology, which could emerge as competition to a blockchain-based platform the ASX is now developing to replace its legacy Clearing House Electronic Subregister System (CHESS) infrastructure. Randall will speak at Investment Magazine’s upcoming Investment Operations Conference, to be […]
72% of Aussies now using digital payments
Latest numbers from Roy Morgan reveal 72.4% of Aussies are using at least one form of digital payment, with adoption tipped to rise as society edges towards a cash and cardless environment. Results stem from Roy Morgan’s Digital Payment Solutions Currency Report, citing face-to-face interviews with 50,000 consumers in the twelve months to November 2018. Norman Morris, Roy Morgan Industry Communications Director, asserts the change poses a threat to traditional payment methods – e.g. cash and credit cards – exacerbated by the growth of wearable technology such as smartwatches. “The increasing use of new payment technologies is being aided by the growing proliferation and development of smart phones and wearables […]
Why you should invest, not save, for your kids
While parents want to be able to provide the best for their kids, it’s hard to save for their little ones’ futures when interest rates are slumped at historic lows. Even with regular deposits, cash attracting just 0.5 or 1 per cent interest in a savings account might not amount to all that much. However, if you choose to invest for your kids, you could potentially net each child an extra $35,000 by the age of 21, according to Patrick Garrett, chief investment officer at robo-adviser Six Park. “There’s a growing awareness of the power of compounding interest but also a willingness to consider investment portfolios because most people who are […]
