RBA not suitable to regulate new payments technologies
The government is being urged to follow in the UK’s footsteps and create a new regulatory body for the payments industry that can regulate new forms of payments being made via blockchain and cryptocurrencies. A white paper commissioned by lobby group the Australian Taxpayers’ Alliance and conducted by researchers from RMIT University found that existing bodies such as the Reserve Bank were not suited to regulating the rapidly changing digital payments sector, because it wasn’t flexible enough. Co-author of the report RMIT senior research fellow Christopher Berg told The Australian Financial Review having payments policy and monetary policy in one institution would not be workable with the introduction of cryptocurrencies. […]
IncentiaPay to crack Chinese tourist market with Alipay
ASX-listed IncentiaPay is partnering with Australia and New Zealand’s largest independent EFTPOS provider to give over 55,000 Australian retailers the chance to target Chinese tourists with discount deals and offers via Alipay. Alipay is an e-wallet payment method that is favoured by the Chinese. In a market update this week, IncentiaPay — known until recently as BPS Technology — said the marketing agreement with Smartpay Holdings was aimed at increasing its exposure to Alipay and the whopping $13 billion annual Chinese tourist spend in Australia and New Zealand. Under the deal, the payment providers will leverage the more than 55,000 merchants across their networks to promote goods and services to […]
Citi partners with Apple Pay
Citi cardholders can now tap and pay with their Apple devices. Citi is the latest bank to jump on the Apple Pay bandwagon. From today, Citi credit card holders can use Apple Pay to make contactless payments with their smartphones or smartwatches. Citi is now one of the largest banks (as well as the likes of ANZ, American Express and HSBC) that has partnered with Apple Pay. Meanwhile, the rest of the Big Four (CommBank, NAB and Westpac) have yet to partner with Apple Pay as a result of disputes over access to the tech giant’s NFC in an attempt to run their own payment apps on iOS devices. Citi […]
FinTech startup Pelikin looks to recruit Gen Y investors
After a highly successful expression of interest campaign on equity crowdfunding platform Birchal, Melbourne FinTech startup Pelikin is continuing to rally millennials to invest in Pelikin. Encouraging Gen Y Professionals to invest in the banking alternative with as little as $100, Pelikin is hoping to get as many users as possible over the next month to be involved in building the travel banking app. Pelikin Founder Sam Brown said the younger market was the reason behind the development and creation of the app, so it was a natural progression for them to be a part of the Pelikin growth journey. “Rather than buying a house, Gen-Y are more interested in […]
Doshii and Bluflow integration
Doshii is thrilled to announce a partnership going forward with a Bluflow integration. Bluflow’s solution which creates advanced digital menu systems is already popular with many businesses, but thanks to a collaboration with Doshii for a reliable POS connection this technology is set to become even more efficient. After initially meeting with Doshii to discuss an integration strategy, Bluflow were able to implement a certified solution within weeks. Bluflow is excited about the benefits of this integration with Doshii, and the additional features gained by Bluflow customers from a linked POS system. About Bluflow Bluflow offers an innovative solution for POS systems. It allows businesses to coordinate their digital menus […]
How cashless payment technology is helping local business thrive
The days when a trip to the ATM was compulsory before strolling to your local market are numbered. Instead small businesses now find themselves faced with the new breed of “cashless consumer”, and adapting to suit. According to a recent survey by the RFi Group, 32 per cent of Australians believe they can go cashless. Fortunately, the advent of low-cost and low-fuss technology allows local businesses, including sole traders, to sell their products and services quickly and easily, whether it’s a small item or a more expensive impulse purchase. A shift in mindset Michael McQueen, retail trend forecaster and bestselling author of How to Prepare Now for What’s Next, says […]
OmniPay launches ‘collaborative’ supply chain finance platform
A Sydney-based fintech has launched a new invoice finance platform aimed at helping suppliers better manage their cash flow. OmniPay’s web-based and mobile application allows the supplier to request an early payment of an invoice, which is financed by the fintech company upon receiving approval from the business. After setting up an account, suppliers have to import invoices manually or upload them by using drag-and-drop functionality, after which the OmniPay platform automatically extracts all the relevant information presented in an invoice and summarises it in a pop-up window. Once the supplier clicks a button to request payment, the platform sends the invoice off to the business for digitally signed approval. […]
Novatti makes commercially astute blockchain move
Online payments processor Novatti Group (ASX: NOV) has made a commercially-astute move into blockchain payments by integrating its proprietary payments platform with The Stellar Network, an open-source protocol for exchanging money used via shared servers and “forming a global value exchange network”. In essence, Stellar is a blockchain-payment and asset transfer platform connecting banks, payment systems and customers with a network of low-cost financial services providers, including financial institutions, payment aggregators and technical specialists. The prime feature which attracts users is the commonly-shared commitment to support a new and inclusive global infrastructure for payments. Stellar is growing rapidly and sports a proprietary “native asset” digital currency called the Lumen. Its […]
