New payments platform could create army of fintech innovation, says NPP boss
The man overseeing the rollout of Australia’s new payments system says every business across the economy that makes or receives payments could become a fintech innovator by developing “overlay” services to enhance customers’ experiences. Construction of the “new payments platform” (NPP), which from October will allow money and data to move between bank accounts instantaneously, has been driven by the Reserve Bank of Australia for the past four years after an earlier bank-driven idea for a similar system collapsed. The core philosophy of the NPP is the separation of the infrastructure – which provides a messaging, addressing and settlement system – from a layer for new products that will be […]
Global Fintech OFX hires Shears as CMO
OFX, formerly known as OzForex, has appointed Rebecca Shears as chief marketing officer. Shears joined the global payments business in August last year, and has been instrumental in directing the international rebranding of six regional brands to one streamlined global entity. OFX facilitates international currency transfers for consumers and payments for businesses. Using a proprietary interbank system, the Fintech is able to beat standard bank rates on international currency transfers by up to 75 per cent. Shears has over 20 years of experience in marketing roles, executed across the UK and Australian markets. She started her career at Unilever and has since held positions at British Telecom, Telstra and T-Mobile. […]
Develop New Ways to Sell Online: Introducing Build with Square
When you’re growing your business, the thought of piecing together hardware, software and payments services from multiple vendors can be exhausting. Unfortunately, that’s the challenge many Australian business owners face. At Square, we believe that all business owners — big and small, online and offline — should have the tools to start, run and grow using one cohesive and fully integrated platform. Build with Square is a new set of new payment APIs which are now available to Australian sellers and developers, designed to empower offline businesses with payment solutions to service omni-channel needs. Our collection of APIs enable you to integrate your custom point of sale or e-commerce solutions […]
Government urged to test blockchain’s potential
Blockchain technology might help prevent a repeat of the Centrelink data-matching disaster, says investment banker turned business professor Christine Helliar. Blockchain is the technology behind cryptocurrency Bitcoin, but is increasingly viewed as having applications elsewhere in business and government. In simple terms, blockchain is a tamper-proof digital ledger that keeps a continuous record of all transactions that take place. Each transaction is time stamped and stored as part of a detailed history that builds up over time. The information can be shared among a network of computers.Professor Helliar, who works for the University of South Australia, said blockchain could be used to link all tax and welfare payments, reducing the […]
Global Payments & Mint Payments sign strategic partnership agreement
Mint Payments Limited (ASX: MNW) (Mint or the Company) and Global Payments Asia Pacific Limited, a subsidiary company of Global Payments Inc. (NYSE: GPN), a leading worldwide provider of payment technology and merchant acquiring services, today announced a partnership agreement that will equip Mint and its licensed distribution partners with the ability to provide the Company’s integrated payment technology solutions with Global Payments as the acquirer, in the territories of Malaysia and Singapore with additional territories to follow. As part of the Agreement, Global Payments will also refer its merchants to adopt Mint’s range of integrated payment solutions in these two markets. In the Asia Pacific region, Global Payments Asia […]
Australian FinTech will exceed AUD $4 Billion by 2020
A new report has found that FinTech revenue in Australia is predicted to grow at a compound annual growth rate (CAGR) of 76.3 percent and exceed A$4 billion by 2020. The research, Australian Fintech, Forecast for 2020, found that this increase was down to a reduction in taxes on investments in startups, tech-savvy digital individuals, and a rise in mobile payments. According to Research and Markets, in 2015 the Australian FinTech market produced A$247.2 million with 2016 generating further growth and 2017 predicted to continue the upward trend. The research found that there are three areas that financial technology services are focusing on in Australia that will grow by 2020: […]
ANZ moves closer towards ‘virtual’ credit cards
ANZ is moving a step closer towards “virtual” credit and debit cards, through new changes to automatically upload replacement cards for those that are lost onto customers’ smart phones. As part of its push to drive greater use of digital wallets, the bank is revamping the technical and security processes triggered when a customer reports a card as lost or stolen. About 670,000 cards are lost or stolen at the bank each year. Previously, replacement cards needed to be sent to customers before they could be used, a process that often takes several days. Under the changes, people who have uploaded their credit card details onto a digital wallet on […]
FinTech: UK Vs Australia
by Matthew Parker, The MitchelLake Group Having recently moved from the UK to Australia, I have been excited to observe and experience first-hand some of the differences between the UK FinTech ecosystem and that of its Antipodean cousin. I do not, by any means, pretend to be an expert, but I have had the privilege of working with and alongside some of the most exciting FinTech businesses and individuals across multiple markets. Any observation I am able to draw comes from a place of passion and sincere enthusiasm as well as a helpful dose of experience. So without further ado, let’s compare and contrast. The UK hit its stride at […]
