Apple Pay boss says CBA, NAB, Westpac risk missing the future of payments
The global head of Apple Pay has put three of Australia’s big banks on notice that the technology giant’s global payments system will steal their customers and they risk being left behind in the development of digital wallets. Jennifer Bailey said in an exclusive interview that Apple is so confident of the supremacy of its payments system that “customers will say they are happy to switch banks to use it”. With ANZ Banking Group the only big four bank to allow its customers to use Apple Pay, The Australian Financial Review can reveal that Macquarie Bank and ING Direct will turn on the service by the end of February. They […]
Australian FinTech launches International FinTech platform
The team behind the highly successful AustralianFinTech.com.au, this week launch their International platform, InternationalFinTech.com, aimed at connecting the FinTech industry on a global scale. Founder and CEO, Cameron Dart, says International FinTech has been born on the back of the highly successful Australian FinTech platform and growing demand from the global community to have a dedicated online presence for their sector. “International FinTech mirrors the Australian FinTech platform, including a dedicated industry newsfeed and a comprehensive directory of FinTech companies globally. “The site also aims to educate users of new financial technologies such as peer to peer lending and cryptocurrency, all presented in simple terms with no financial jargon” says […]
Afterpay and Tyro announce SME payments partnership
Payments fintechs Afterpay and Tyro have struck a deal that will see Afterpay’s deferred payment product rolled out to thousands of small businesses using Tyro’s EFTPOS terminals, which compete against those offered by the big banks. The commercial partnership will allow Tyro, which gained a banking licence last year, to deepen its relationships by integrating Afterpay’s service with point of sale software systems to help customers increase sales. For Afterpay, the deal will extend its reach into small business, lifting merchant fee revenue, and potentially open up new markets such as medical practices, where Tyro’s terminals are popular. Afterpay’s investors have said one of the big challenges for the young […]
Carney cuts through the fintech hype with clear-eyed take on risk
Financial Stability Board chair Mark Carney’s status as one of the world’s great fintech boosters makes his occasional musings on the associated risk to the financial system all the more striking. The Basel-based FSB, which makes recommendations to G20 nations, is thinking deeply about the appropriate regulatory response to fintech’s risks and rewards and will report its conclusions to the G20 in July. Carney revealed some preliminary thoughts at the same G20 conference in Germany attended by Scott Morrison, where the Federal Treasurer told global economic leaders that Australia was strongly pursuing blockchain technology and wanted to unlock the “enormous” potential of the nation’s data. Fintech, he said, was about […]
Apple claims banks want digital wallets as a new revenue source
Apple says three of the big four banks are pushing to pass the costs of Apple Pay on to their customers as a way to “condition the market” into paying extra fees when using a mobile phone to make a ‘tap and go’ payment. One of the issues in the long-running battle between Apple and Commonwealth Bank of Australia, National Australia Bank, Westpac Banking Corp and Bendigo and Adelaide Bank is whether the banks can pass through to their customers the fee that Apple will require them to pay to use the iPhone infrastructure. But Apple has described the argument as a “trojan horse”. In a submission published by the […]
Wallet packed with loyalty cards? Solve the problem with Stocard digital wallet
Stocard, a leading mobile wallet app, has announced that it will use recently secured funding to expand its reach in the Australian market and launch a new mobile payment function. While digital wallets have been around in Australia for some time, what makes Stocard’s offering unique to existing mobile wallet apps, is the functionality that allows users to store all their loyalty cards easily in their smartphone, rather than in their wallets. Loyalty programs are becoming increasingly popular for Aussie shoppers, with 50% saying they’d be more likely to spend with a store that offers a loyalty program than with one that doesn’t, according to Nielson’s latest Global Loyalty Sentiment […]
Kate Carnell urges pressure on banks to change
Small business ombudsman Kate Carnell will today issue a strong warning to government that after 17 inquiries into the banking industry since the GFC the time has come to put pressure on the banks to change their practices. Carnell’s report on small business lending is due to be released today by Revenue and Financial Services Minister Kelly O’Dwyer and Small Business Minister Michael McCormack. It will say the banks have treated small business unfairly. The recommendations include blocking default action on loans under $5 million where the business has complied with the terms. It also wants a revised code of conduct from the banks written in plain English and with […]
A UBank co-founder has joined Australian fintech startup Tyro
Tyro, the first-ever fintech startup to get an Australian banking licence, has continued on its high-powered recruitment spree, nabbing financial industry veteran Natalie Dinsdale to its leadership team. Dinsdale, who was one of the founders of NAB’s online-only brand UBank, has been appointed Tyro’s head of brand & marketing. “Tyro is one of Australia’s most remarkable growth stories, and the opportunity to be part of an organisation dedicated solely to giving SMEs a better deal is incredibly exciting,” she said. While Dinsdale has been involved in the high-profile launch of Virgin Money’s mortgages business and was a part of Bankwest’s push into the east coast, her latest gig was leading […]
