Cash payment decline tipped to gather pace in 2018
A $1 billion piece of infrastructure to be switched on in early 2018 is likely to accelerate the decline of cash and further cut into already tumbling use of cheques, payments company BPay Group predicts. In a change that Reserve Bank governor Philip Lowe has described as potentially “transformational,” the new payments platform is due to be switched on soon after Australia Day in 2018. The project, which is going through its final stages of testing over summer, will offer consumers the ability to make real-time payments to customers of other banks. The system will also allow people to link bank accounts to phone numbers or email addresses, removing the […]
Payments startup Sniip announces national Australia Post partnership
Mobile payment technology company Sniip is today announcing a new nation-wide partnership with Australia Post to explore the use of Sniip to enable consumers to pay bills using the Post BillPay barcode anytime, anywhere. Co-founder and Chief Executive Officer of Sniip, Damien Vasta, said the company was excited to be working with Australia Post to provide greater choice to consumers in how they pay their bills. “Working with Australia Post presents an exciting opportunity to bring the benefits of speedy and secure bill-payment to the vast network of Post Billpay users Australia-wide,’’ Mr Vasta said. “This partnership is truly a breakthrough in customer service delivery, meeting the […]
Hyperwallet facilitates AUD transfers for Amazon sellers
Hyperwallet, a top global payout provider to digital marketplaces, today revealed that it will support international seller disbursements from Amazon’s new Australia-based marketplace. Hyperwallet’s multi-currency payout solution enables Amazon Marketplace sellers from across the globe to quickly and easily accept payment to their bank account across a wide range of local currencies. Hyperwallet is offering sellers the ability to use ‘Login with Amazon’ on its website to register for Hyperwallet’s self-serve payment portal, providing a simplified onboarding process for global sellers. Hyperwallet then ensures fast, convenient payment to sellers’ local bank accounts through its global network of banking relationships. “Amazon has long been recognized as a pioneer in […]
ANZ announces Garmin Pay partnership
ANZ has today introduced Garmin Pay to its customers after signing a partnership with the wearable tech giant. ANZ customers will now be able to load their credit and debit cards on the Garmin app and use their Garmin smartwatch to make purchases anywhere they go without having to take out a wallet or phone. ANZ’s Managing Director of Products, Bob Belan, was excited to announce the latest partnership today. “At ANZ we are determined to bring our customers new payment experiences so they can pay the way they want to,” Mr Belan said. “We’re pleased to be partnering with Garmin to bring our customers a payment option with one […]
Fingerprint payments to be ‘commonplace’ within a year: Visa
Shoppers will soon be able to take a scan of their fingerprint or face to authorise a credit card purchase, instead of entering a PIN, as part of a crackdown on payment fraud. With online card fraud rising quickly as stolen card details are used for website purchases, payments giant Visa is rolling out a suite of new changes aimed at stopping fraudsters. In a bid to counter fraud, it has issued new standards that will remove the need to enter a personal identification number (PIN) when making purchases in-person. It is also beefing up its systems for detecting fraudulent transactions made online. Instead of using a PIN for purchases […]
Peppermint entering lucrative international remittance market
Peppermint has created a wholly owned subsidiary, Peppermint Payments Pty Ltd (PPPL) to provide international remittances in the Australian market. Reflecting Australia’s history as a “land of immigrants”, this market is already large and growing faster than GDP, but supply has been shrinking due largely to increased compliance requirements. PPPL is registered with Austrac as both a remitter and a remittance network provider, and our AML/CTF program has been approved by our Australian bank. PPPL will use the brand “BIZMOTO” which is being trade-marked in both Australia and the Philippines. Agreements have been signed with multiple providers reflecting a carefully planned “best of breed” approach and architecture. Emphasis on proven […]
How ZipMoney has scaled
ZipMoney, an ASX-listed fintech that offers point-of-sale credit and digital payment services, is growing: In the company’s first half results it reported revenue of $6.7 million — up 722 per cent on the prior comparable period — and 120,000 customers — up 1100 per cent on 1H16. The business has been able to meet the challenge of growth by keeping its team focused on Zip’s key differentiators in the market while integrating with a variety of scalable cloud services, according to its chief technology officer, Mike Greer. ZipMoney allows an individual to make a purchase and pay for it later (its key service offers a three-month interest-free period and charges […]
Australians are increasingly using their phone as a credit card: Deloitte
The pressure is on Australian banks to keep up with customer’s growing use of smartphone apps to pay for in-store and online purchases. A Deloitte survey has found the use of mobile payment solutions has grown 14 per cent over the past year, with over a quarter of respondents now using them. Mobile payment solutions include apps such as Apple Pay, Samsung Pay and Android Pay, which allow users to process payments for online or in-store purchases using the app, without having to punch in their credit card details every time. Most of these apps act as “mobile wallets”, allowing users to store their card details and authorise payments using […]
