Fintech the future
According to Kate Carnell, there have been less than 10 complaints about fintech operators in Australia since March 2016. “None of these have been fully-fledged complaints,” the small business ombudsman says. “It was more a misunderstanding or even confusion as to the contract they entered.” Burgeoning industry There are an estimated 600 fintech operators in Australia. The industry is burgeoning and continues to attract new players, so receiving less than double-digit complaints in 16 months isn’t a bad track record. “In addition to those 600 there’s probably another 20 to 30 overseas-based fintech companies that are operating here such as PayPal, Stripe and Square, for example,” says Cameron Dart, Australian […]
Are digital wallets finally set to take off?
The rise of newfangled digital payments took another step last week, when the Manly Ferry began accepting tap-and-go credit card payments for fares. You might ask: So what? True, it may not sound like much. But this development has got experts in the world of digital payments excited. In an Australian-first, you’ll no longer need a NSW government-issued Opal card when paying for a ferry ride – just a credit card, smart phone or “wearable” device such as a smart watch. The payments gurus see this trial as a milestone that will hasten the decline of cash. More interestingly, it’s also tipped to move us closer to a world where […]
Insurance solutions lead Australia’s adoption of fintech
Current global adoption levels for insurance fintech solutions are standing at an all-time 24 per cent with Australia recording a higher than average interest due to the upswing in telematics and wearable technologies, according to the EY Fintech Adoption Index. While money transfers and payments services still lead the fintech charge with an adoption rate of 50 per cent in 2017, insurance has come in a surprise second with a 24 per cent global adoption rate. The adoption level for insurance fintech services in Australia stands at four per cent higher than the global average (29 per cent), linked to the upswing of personalised wearables with in-built abilities which allow […]
Notes and coins seem anachronistic
Apart from the introduction of polymer banknotes back in the 1980s, Australian cash has remained largely the same since its creation. Now, rapid advances in technology are making the concept of crinkled pieces of plastic and metal coins seem anachronistic. The latest payment method to garner widespread public attention has been contactless payments. Customers can pay for purchases at the point of sale by simply tapping their credit or debit card on a compatible terminal. For lower-value transactions, even a PIN is not required. Contactless payment systems typically make use of near-field communication (NFC) technology that allows transactions to take place when the card or phone is within a few […]
Samsung Pay adds 38 more banks and credit unions in Australia
Almost two million more Australians will be able to use their smartphone as a credit card today in a move Samsung promised would take the country “a step closer” to ditching traditional wallets entirely. The smartphone giant will add 38 financial institutions to its Samsung Pay app, allowing customers from Credit Union Australia, Australian Unity and more to pay by tapping their smartphone or smartwatch at the cash register. Samsung Pay, which launched one year ago, is still trailing its Apple and Google rivals, but all three now offer payments from more than 40 institutions. Samsung Australia mobile division vice-president Richard Fink said the latest deal, secured with payment solutions […]
Tyro sticks to strategy as CEO Gerd Schenkel exits
It was back to business at Tyro Payments yesterday after the fintech elder severed links with chief executive Gerd Schenkel, who was hired amid great fanfare only eight months with a mission to transform Tyro into an SME bank. Tyro’s decision to target the poorly serviced SME sector was prompted by non-executive director and Atlassian founder Mike Cannon-Brookes. Cannon-Brookes scolded his fellow board members for lacking ambition and being happy to live off the fat from unlisted Tyro’s payments platform, which generates $8 million-plus in earnings from servicing the EFTPOS requirements of its 18,000 small business customers. Instead of telling him to go jump, the board agreed. Tyro secured a […]
41% of young Aussies don’t know how to pay bills
New research commissioned by BPAY Group has revealed younger Australians lack knowledge around bill payments and struggle with everyday finance management. 41 per cent of Australians aged between 18 and 25 say that they have no effective system for paying their bills. 1000 Australian bill payers between the ages of 18 and 65 were surveyed in late 2016, with the findings collated by strategic research consultancy The Leading Edge. Five bill payer personalities were identified to categorise the habits and attitudes of Australian bill payers, and include: – Big Picture Organisers: 28 per cent – Life Jugglers: 27 per cent – Rigid Record Keepers: 19 per cent – Mobile and […]
Can Australia drive Bitcoin and FinTech Development in the Southeast?
After the 1st of July 2017, Australian blockchain and Bitcoin-related businesses that have relocated abroad can return. Coinidol.com contacted experts from Australia and asked them about the problems that the government should solve for the cryptocurrency and blockchain markets during the next year. Australia takes an important step toward Bitcoin and cryptocurrency acceptance with the government’s decision to drop the double goods and services tax (GST) starting July 2017. Double taxation – problem for the whole cryptocurrency industry Most countries have no problems with double taxation and GST being applied to Bitcoin purchases. And Australians often had to buy cryptocurrency overseas, which also blocks the development of a local cryptocurrency […]
