ACCC says Apple Pay will boost card competition
Apple Pay’s ability to toggle through different payment cards was seen as pro-competitive by the Australian Competition and Consumer Commission and became one of the key factors leading the regulator to favour Apple over the banks. In an interview with The Australian Financial Review after the ACCC knocked back an application by the banks to collectively negotiate with Apple over access to the iPhone’s “near field communication” (NFC) controller, ACCC chairman Rod Sims said the banks’ arguments that such access could increase competition for digital wallets were “strong” – but the regulator always has to be cautious about intervening in markets. At a time when the industry is looking for […]
ACCC knocks back the banks on Apple Pay
The competition regulator has rejected an application by the banks to collectively negotiate with technology giant Apple over access to the iPhone’s “near field communication (NFC) controller. Commonwealth Bank of Australia, Westpac Banking Corporation, National Australia Bank and Bendigo and Adelaide Bank had asked the Australian Competition and Consumer Commission for permission to negotiate as a block in order to give them more negotiating power to have Apple open the NFC to their own digital wallets. But ACCC chairman Rod Sims said on Friday: “We are concerned that the proposed conduct is likely to reduce or distort competition in a number of markets. “The banks said they are “disappointed” with […]
Indian fintech revolution in motion, calling Australian fintechs to join us at Australia-India TatXpo 2017
Indian fintech revolution in motion, calling Australian fintechs, corporates and investors to participate. Taking interest for Australia-India TatXpo 28-30 June 2017 in Mumbai, India. What is TatXpo? TatXpo is the flagship annual Australia-India trade and investment expo established by Tat Capital. The focus will be on uncovering fintech opportunities and will be held in India’s financial capital, Mumbai. Last year’s format was day 1 expo and gala festivities, day 2 industrial site visits and day 3 cultural tour which we intend to repeat. Last year 93 delegates attended TatXpo2016 in Hyderabad (tech city) which included 22 ANZ CEOs, 55 companies and 25 VC/PE investors from 8 countries. They […]
Anxious and confused: Why many older Australians are afraid of a cashless society
by David Taylor, ABC.net.au Before I became a journo, I worked for a credit ratings agency. It was my duty to work out if our clients (companies) were likely to sink or swim in the future (financially). It was my first full-time job, so I couldn’t wait for pay day. The management team were old-fashioned, so after my first fortnight of work, I actually received a pay cheque. That’s right, literally, a cheque. I suspect quite a few Australians would remember their first “pay cheque”. It’s quite a satisfying moment. You get to hold a piece of paper — effectively a note, saying, ‘thanks for all your hard work this […]
Jost: Pace of reform is too slow
Australia must disrupt its banking regulations or face waking up one day to find a FinTech innovator such as Chinese giant Alibaba becoming the bedrock of our financial system, rather than the Big Four banks. So says Jost Stollmann, a German expat with decades of experience in technology entrepreneurship, government and FinTech innovation. “One day we might not be talking about the Big Four but AT&T Financial Services and Alibaba owning banking services in Australia,” says Mr Stollmann. Mr Stollmann sees Australia at a tipping point, not only with FinTech regulation but also with its overall innovation thrust. In a strengths, weaknesses, opportunity and threat analysis, Australia has great lifestyle […]
eWAY, Australia’s largest payments platform, partners with zipPay
zipMoney Limited announces an Australia-first strategic partnership with eWAY, part of US giant Global Payments. eWAY is Australia’s largest online payment gateway and processes more than 25 percent of all eRetail payments. The partnership will see the roll out of the zipPay and zipMoney ‘buy now, pay later’ digital wallets as core offerings for tens of thousands of online retailers in Australia and millions of Australian shoppers. “The two leading names in the Australian online payments and digital wallet space are joining forces to help merchants sell more and sell better,” said Mark Healy COO at eWAY. “eWAY helped pioneer online payments in Australia and remains at the forefront of […]
Square teams up with leading POS and order management platforms
Square are today announcing integrations that will give business owners across Australia who are using alternative point-of-sale and order management platforms the ability to accept payments with Square. For the first time in Australia, these businesses can access Square’s affordable hardware, fast deposits and online payment solutions that millions of sellers across the world already use to run and grow their businesses. Select larger businesses, such as full-service restaurants or multi-location retailers, have built their operations around platforms to manage orders and run business processes that support their specialised or unique needs. Our list of new integrations with platforms include Vend, TouchBistro, Posboss, Abacus, SalesIn, Mobi2Go and Boppl. Sellers using any […]
Never be caught short after this brainwave
Making a payment is now as easy as tapping your sunglasses thanks to a plucky Australian start-up, Sydney-based Inamo, which is starting to take the world by storm, appearing at South by Southwest in Texas and now embarking on a $6 million Series A funding round. The start-up is the brainchild of Peter Colbert, a former agent for international surfing stars and still a keen surfer. He told The Australian the idea for the sunnies came after a regular surf in Manly with mates. It was his turn to buy coffees, but he had forgotten his wallet. “It was one of those light bulb moments where I wondered what if […]
