Payments fintech startup Sniip, launches first ever digital bills with push notifications
Toowoomba Regional Council is leading Australia in digital billing, by partnering with Australia’s first bank-agnostic payments and billing app, Sniip, to launch a patented “m-billing” function that will alert ratepayers of Council rates and water bills via push notifications directly on their smartphones. Ratepayers can opt into the function by registering for m-billing in the Sniip app, from which point they will receive future bills directly into the app via push notifications and can pay in a few simple clicks, without inputting any extra data or leaving the app. The end-to-end paperless solution is expected to drastically reduce the Council’s overheads and carbon footprint by helping them transition […]
CBA blocks credit card purchases of Bitcoin, other digital currencies
Commonwealth Bank customers will no longer be allowed to use their credit cards to purchase Bitcoin and similar digital currencies. The bank announced the new policy today. “Due to the unregulated and highly volatile nature of virtual currencies, customers will no longer be able to use their CommBank credit cards to buy virtual currencies,” the bank said. CBA customers will still be able to purchase and sell Bitcoin and its ilk through their transaction accounts and debit cards. “We have made this decision because we believe virtual currencies do not meet minimum standard of regulation, reliability, and reputation when compared to currencies that we offer to our customers,” the bank […]
Bitcoin on the map in Sydney’s city
Cryptocurrency has been hailed as the way of the future — digital assets which can be deposited, spent and exchanged for real world goods. Operating outside of central banks, cryptocurrency has increased in popularity since the concept found form in bitcoin — claimed to be the first of its type — just under a decade ago. At the end April last year the total value of all existing bitcoins exceeded $2.5 billion Australian dollars, millions of which are exchanged each day — including in the heart of Sydney’s CBD. Coinmap, a heatmap of registered businesses and ATMs which accept bitcoin, shows 30 locations in the City of Sydney — including […]
The New Payments Platform Launches
Payments infrastructure that enables customers with accounts at different banks, building societies and credit unions to make real-time data-rich payments to each other any time of day, any day of the year, will commence rolling out to the Australian public from today. The New Payments Platform went live in November last year and has supported funds transfers between employees at a number of different banks, building societies and credit unions. The Platform’s public launch occurred in the very early hours of this morning — at 12.01am to be precise — when CEO of NPP Australia Adrian Lovney marked the occasion by making a donation to the Alannah and Madeline […]
Asia-Pacific fintech market to reach US$72 billion by 2020, finds Frost & Sullivan
Active support and initiatives by financial regulators such as the Monetary Authority of Singapore, Bank Negara Malaysia and Bank Indonesia has enabled the Asia-Pacific Fintech ecosystem to grow significantly in 2017. New innovations are expected to radically transform the way consumers shop, pay perform banking transactions and purchase insurance. The wave of new Fintech technologies is also changing customer behaviour and interactions today. Frost & Sullivan presented its annual Fintech Outlook at The Swissôtel The Stamford in Singapore on 8 February. The event was attended by over 70 senior management and C-suite executives, marking the start of an exciting year ahead for the industry. The Fintech industry in the Asia-Pacific […]
CUA launches Apple Pay on its EFTPOS rediCARD
Apple Pay is now available on the full range of CUA-issued debit and credit cards. Australia’s largest credit union CUA has today launched Apple Pay to its EFTPOS rediCARDs, allowing customers with the rediCARD to make real-time contactless purchases via their iPhone or Apple watch. The integration completes the loop for CUA, with Apple Pay now available on the full range of CUA-issued cards. The new functionality will enable CUA customers with rediCARD to make EFTPOS purchases via the digital wallet securely using their own money and in real-time. Customers with a compatible Apple device will now be able to choose to make the contactless payment with EFTPOS, by selecting […]
NAB to allow payments through Xero
National Australia Bank is preparing to cede some control over its business customers to accounting software giant Xero, by allowing payments to made from within the accounting platform rather than through its internet banking site. The deal could be the first one globally that allows core banking activity to be conducted inside cloud accounting software, and comes after the World Economic Forum predicted banks will face more competition from technology platforms for customer relationships. NAB and Xero are on a national roadshow this week to brief Xero customers on the innovation, ahead of a closed beta trial in February and roll-out to the broader market mid-year. Xero’s managing director in […]
Bank-based blockchain projects are going to transform the financial services industry
Cryptocurrencies are constantly evolving, with popular currencies such as Bitcoin and Ethereum maintaining their popularity despite recent market corrections. At the core of both technologies is the cryptographically secure digital ledger known as the blockchain. It’s a digital ledger where cryptocurrency transactions are recorded chronologically and publicly. Indeed, as the popularity of cryptocurrencies has grown, so has the banking industry’s interest in blockchain for fintech, with an increased and focused push on bank-backed blockchain projects. Some of the largest projects underway include the IBM-backed Hyperledger Fabric project, the Utility Settlement Coin, and R3’s blockchain consortium, signifying a growing acceptance in institutional policy to support blockchain growth. How does it work? […]
