‘Walk rather than a run to cashlessness’ in Australia, says payments boss
Large-scale technology shifts like the introduction of the Reserve Bank’s New Payments Platform and the rise of tap-and-go are hastening the retreat of cash as a transaction mechanism. But don’t expect to see the RBA pushing the stop button on its dollar bill production just yet, said the chief executive of the Australian Payments Network, Leila Fourie. “Cash is traditionally used as a store of value and for transacting. As a store of value the use of cash is on the increase, as a transaction mechanism it is retreating and reducing,” she told a panel session at The Australian Financial Review Innovation Summit 2018 on Monday. “However, I don’t think […]
BPAY Group named one of Aon Hewitt’s Best Employers for 2018
BPAY Group has today been named an Aon Hewitt Best Employer for 2018, following the release of its annual Employee Engagement survey. 84% – BPAY Group Employee Engagement Score 90% of BPAY Group employees completed the survey 68% – Aon Hewitt’s entry point for the highest performing quartile of all organisations in Australia and New Zealand 81% – Aon Hewitt’s Average Best Employer score in the region Aon Hewitt’s Best Employers program is Australia and New Zealand’s leading accreditation and research program looking at the people practices of high-performing organisations. John Banfield, BPAY Group CEO said, “BPAY Group is incredibly honoured to be named as an accredited 2018 Aon Best […]
Navigating compliance in a borderless world
The regulatory landscape for financial services and fintech companies is rapidly changing. The industry continues to be subject to increasingly strict legal and regulatory requirements, and cybersecurity is top of mind for businesses. The cross-border money transfer space requires navigation of these complexities up and down the payments stack. Cross-border payments by definition require businesses to operate globally immediately, which introduces multinational regulatory requirements from the outset. The time, money, expertise and resources it takes to adhere to the multiple layers of regulation in both originating and receiving markets is an ongoing challenge for businesses. A recent study shows that 59% of companies in the Asia-Pacific region see increased regulation as […]
Alipay brings QR code or tap-n-go ‘digital payments’ to Melbourne’s buskers
Chinese visitors to Melbourne can give licensed buskers the digital equivalent of a few coins via QR code, while locals can use “tap-n-go” cards in Australia’s first digital payment busker solution. Remember that viral video from a few years ago of an Indian man seeking cash donations from the side of the road from Indian drivers, and when told they had no cash on them, he brought out a mobile payment credit card terminal? Well, what if he could accept payments via QR code instead? This kind of payment system is all the rage in China, making us in the West rather behind our Chinese counterparts, but finally, Chinese payment […]
Bizmoto in partnership with leading Filipino Remittance Co
Peppermint Innovation Limited today announced its online international remittance business, Bizmoto, has signed a partnership agreement with Direct Agent 5, Inc (DA5) – one of the Philippines’ leading non-bank remittance payout providers. Under the agreement, Bizmoto will be able to use DA5’s 1000+ locations in the Philippines as trusted remittance payout providers for its customers and DA5 will be able to use Bizmoto’s online remittance platform to payout money transfers to Australia. DA5 is an authorised direct agent of Western Union Money Transfer and offers international and local remittance services, airline ticketing, bill payment facilities, mobile phone loading services, foreign exchange transactions and mobile payment services. Bizmoto will earn revenue […]
How Bankwest Halo payment ring lets you leave the wallet at home
Bankwest customers across Australia are now able to tap and go using the Bankwest Halo, Australia’s first payment ring. The award-winning contactless payment ring, which is waterproof to 50m, has been produced as part of Bankwest’s focus on empowering customers with new and innovative ways to pay. Launched in January of this year, the device has been named the Most Innovative Card Product and the Most Innovative Retail Banking Product at the Australian Retail Banking Awards. Bankwest Managing Director Rowan Munchenberg said the ring had been developed in response to the changing needs of customers. “’Customers’ needs are always changing and in today’s digital world they increasingly expect smooth transactions […]
Half of Aussies prefer platforms: Stripe
The use of businesses such as Uber, Deliveroo and Vinomofo has reached a tipping point, with a new study revealing 50 per cent of Australians already prefer to use these online marketplaces versus traditional businesses like taxis, restaurants or retailers. The study conducted by Nielsen across nine countries, which was commissioned by payments technology business Stripe, revealed that Australia was significantly ahead of markets such as the US and the UK when it comes to the uptake of marketplaces, but trailed Singapore, where 73 per cent of respondents said they preferred using marketplaces. The Stripe head of growth of Australia and New Zealand, Mac Wang, told The Australian Financial Review […]
Woolworths and Coles embracing digital wallets
Grocery retailers Woolworths and Coles are moving quickly to embrace digital payments as shoppers increasingly shop with their mobile phones and leave their wallets at home. After reaching agreement with Apple last September to store Woolworths Rewards loyalty card details on Apple’s digital wallet app, Woolworths has now extended the service to Google Pay. Android users can earn Woolworths Rewards points in Woolworths supermarkets and BWS liquor stores by tapping their smartphones. Woolworths said the move, a first in Australian supermarkets, would give more of its 11 million loyalty scheme members a simple and secure way to earn and redeem loyalty points in-store. Once rewards details are loaded, customers can […]
