CommBank, Westpac, NAB to launch new mobile payment app Beem

Three giants of the Australian banking sector are collaborating to create a new mobile payments platform for consumers and businesses.

The application is called Beem and will allow users to store their debit card information and make instant contactless payments using the same technology as applications like Apple Pay and Android Pay.

Beem will also allow users to request payments and split bills, making it useful for both personal use and for businesses.

Although being created by Commonwealth Bank, Westpac and NAB, the app will be open for use by all Australians regardless of which bank they use.

Like regular online transfers, Beem will include built-in encryption of payment details and real-time fraud monitoring of transactions for utmost security.

Westpac Chief Executive, Consumer Bank, George Frazis, said Beem will offer a new and improved payment option for customers.

“We are committed to giving our customers more choice by supporting a range of convenient ways for them to pay and transfer their money,” Mr Frazis said.

“Customers will soon be able to ‘Beem’ free payments instantly using any smartphone, regardless of who they bank with and without the need to add account details.

“Innovations such as Beem and wearables are leading the way in payment solutions because they’re convenient, easy to use, and fit in with people’s lifestyles – we firmly believe in going to where our customers are and providing them with greater choice.”

The announcement follows the three banks’ unsuccessful negotiations this year to partner with Apple Pay and thus gain access to the huge number of Aussie iPhone users, which according to Roy Morgan is currently more than 7.6 million.

ANZ remains the only major bank in Australia to have partnered with Apple’s mobile payments service.

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Source: CommBank, Westpac, NAB to launch new mobile payment app Beem | Canstar