The truth about blockchains
Blockchain is the new ‘hotness’ in the innovation world, but like all new technologies, it is widely misunderstood. A blockchain is a set of difficult mathematical computations, based on cryptography. Participants in the chain provide transactions to it. Some participants perform the maths of encoding those transactions into the chain. This happens at a regular interval. Once encoded into the chain, each transaction is public and permanent. Bitcoin, which is the poster child for the technology, is a blockchain used as a currency. It relies on ‘miners’, or the participants who encode the transactions into the chain. These miners get rewarded with a newly created bitcoin each time they do […]
Australians embrace FinTech as adoption rates double in just 18 months
Digitally active Australian consumers are embracing FinTech at a rapid pace, with Australia now ranked fifth highest in FinTech adoption among 20 markets surveyed globally, according to the latest EY FinTech Adoption Index. China has the highest level of FinTech adoption globally at 69%, followed by India (52%), the UK (42%) and Brazil (40%), with Australia (37%) rounding out the top five. The study, based on 22,000 online interviews with digitally active consumers across 20 markets, including Australia, shows that FinTech services are poised for mainstream adoption on a global scale with an average of one in every three (33%) digitally active consumers now using FinTech. EY FinTech spokesperson, Rowan […]
Winners of the 2nd Annual Australian FinTech Awards 2017
Congratulations to the winners of the 2nd Annual Australian FinTech Awards 2017. The 2nd Annual Australian FinTech Awards celebrate the achievements of the dynamic people and businesses comprising the FinTech sector. These Awards seek to recognise success in the FinTech sector in its many forms. The event was a fantastic evening of celebrating the best innovation, created by the best innovators and entrepreneurs that live and work in Australia. Here are the winners for the 2nd Annual Australian FinTech Awards 2017: FinTech Innovation in payments ZipMoney FinTech Innovation in Wealth Management (Robo-Advice) Pocketbook FinTech Innovation in Lending Tyro Payments Best FinTech Communications Campaign BRICKX Best Research […]
Notes and coins seem anachronistic
Apart from the introduction of polymer banknotes back in the 1980s, Australian cash has remained largely the same since its creation. Now, rapid advances in technology are making the concept of crinkled pieces of plastic and metal coins seem anachronistic. The latest payment method to garner widespread public attention has been contactless payments. Customers can pay for purchases at the point of sale by simply tapping their credit or debit card on a compatible terminal. For lower-value transactions, even a PIN is not required. Contactless payment systems typically make use of near-field communication (NFC) technology that allows transactions to take place when the card or phone is within a few […]
Security important but most consumers prefer convenience
The fact convenience trumps security for most consumers when it comes to online shopping was one of the more alarming revelations to come out of the recent Future of Payments roundtable co-hosted by The Australian Financial Review and Braintree. For founder and CEO of online beauty store Adore Beauty, Kate Morris, the level of concern people have about security at present is nothing compared to what it was when she began in 2000. “People just assume that so long as your website looks legit, that you are all right.” CEO and founder of online personal brand consultants Social Check, David Griffiths, believes consumers are in for a huge wake-up call […]
Finding the right partners key to success
In a recent white paper on the future of payments involving The Australian Financial Review and Braintree, one of the key findings was more than a quarter of businesses work with three or more payment partners. This can be both a blessing and a curse. On the one hand it ensures an organisation can reach a wider range of consumers but on the other, it injects more complexity into the mix such as more security issues. For business, getting the payments element of online commerce right is critical as is getting the right payments partner. Growing companies need a payments partner that can scale quickly and deal with a range […]
The finalists for the 2nd Annual Australian FinTech Awards 2017
The 2nd Annual Australian FinTech Awards 2017 celebrate the achievements of the dynamic people and businesses comprising the FinTech sector. These Awards seek to recognise success in the FinTech sector in its many forms. This event will be an evening of celebrating the best innovation, created by the best innovators and entrepreneurs that live and work in Australia. Here are the finalists for the 2nd Annual Australian FinTech Awards 2017 to be held Thursday 22 June in Sydney: FinTech Innovation in payments Tyro Payments ZipMoney Afterpay FinTech Innovation in Wealth Management (Robo-Advice) Acorns Grow Australia Six Park Pocketbook FinTech Innovation in Lending SocietyOne MoneyMe Financial Group Tyro Payments […]
Big banks and fintech start-ups face up to Jack Ma’s mobile payments juggernaut Ant Financial
As Australia’s retailers steel themselves for the arrival of US online shopping giant Amazon, our banks are also set for a big disruption. They’re already staring down competition from small, home-grown digital financial start-ups, but there’s a much bigger threat on the horizon. Ant Financial is the financial services arm of the Chinese internet shopping giant Alibaba and boasts 450 million daily users worldwide. While Ant Financial says it wants to work with our banks, not against them, some are warning disruption from a global digital giant is inevitable, even if it doesn’t come from China. To find out more and hear the audio, please click on the link […]
