Australia to be a cashless society by 2022
Cash is predicted to make up only 2% of all payments within the next five years. If you still pay for your morning coffee with a crisp $5 note, you’re a rare breed and clearly missed the “cash is no longer king” memo. New research shows that the number of cash payments received by Australian merchants has plummeted by 46% between 2010 and 2016 alone and currently makes up less than 10% of all payments. According to the research by market analyst East & Partners, if this trend continues, cash payments across Australian businesses are predicted to fall below 5% by 2019 and below 2% by 2022, creating a virtually […]
You can email your bills to this fintech and it will pay them – after checking they’re not scams
A Melbourne fintech startup has commercially launched its new service today, where customers can send their utility bills for the system to automatically make the payments after intelligently sorting out scammers. Gobbill, founded in 2015 by Shendon Ewans and Quentin Marsh, has developed the service after receiving financial support from Microsoft’s BizSpark startup programme and partnering with the federal government’s Stay Smart Online campaign. “We decided to create Gobbill because we were finding it increasingly time-consuming to manage bill payments. We decided there had to be a better way to manage bills and still be in control of our payments,” said Ewans. After registration, the user just needs to email […]
UK’s open banking revolution has lessons for Australia
There’s a revolution going on in British banking. The UK’s Competition and Markets Authority (CMA) issued its final order on “open banking” in February. The new regime – on track to come into force next year– is set to have a profound impact on the sector in the coming decades and beyond. Banks have been told that information such as transaction and loan repayment data does not belong to them, but their customers. Those who want to use that data to access better financial products or services will be able to do so in a safe and secure manner. Delivery will be via application programming interfaces (APIs), software that allows […]
Fintech Down Under
Cameron Dart is the CEO of International Fintech, a hub that connects Australian fintech companies to the rest of the world and vice versa. The company recently opened a London “launch pad” office that helps Australian startups expand globally and links startups in other countries to the Australian market. To help shed light on the state of Australian fintech, Benzinga caught up with Cameron Dart for a Q&A about innovation and how fintech solves problems for Australian users. Q&A With Cameron Dart What’s the general “lay of the land” of Australian fintech? The Australian fintech industry as a whole is in its infancy compared to the United States and the […]
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 […]
Indonesian Australian Business Week review – FinTech opportunities over our back fence
by Joe McGuire, Global Head of Sales for Airwallex We wade through the Jakarta traffic amongst the sour looks and disdain from our fellow commuters. Disdain because we have a police escort. Out front, a police motorbike beeps and harangues cars to the left lane. “Make way for the delegates” he shouts in bahasa as he beeps and swerves at others trying to negotiate the famous Jakarta sprawl. I’m here for the Indonesian Australian Business Week (IABW). An Austrade event designed to forge connections between Aussie businesses and our closest neighbour. With nearly 260 million people and a forecast of nearly 6% GDP growth this year, Indonesia is […]
Mobile technology is revolutionising the way SMEs get paid
We all know cash is fast becoming a thing of the past, and as the world becomes increasingly ‘digital’, it’s not surprising that people are buying goods and services a lot more through mobile devices. It’s therefore no surprise that mobile technology has driven advancements in the payments industry, making it easier for consumers to make purchases on-the-spot. This has created opportunities for retailers like never before — for example there are digital apps that allow customers to order and pay for their morning coffee while still on the commute to work. So you would think it would be safe to assume there would be a growing trend in the […]
ATM use hits 15-year-low as shift to cashless society gathers momentum
ATM withdrawals have slumped to their lowest levels in 15 years and the number of Australians taking cash out during debit card transactions is falling at the fastest annual rate on record. The new figures provide an insight into the wider shift towards a cashless economy, as electronic payments such as Paypass transform habits and consumers shy away from ATM withdrawal fees and bricks-and-mortar branches. According to Reserve Bank of Australia figures released on Monday, the number of ATM withdrawals in January fell by 7.7 per cent compared to last year. The total value was down by 3.9 per cent. It follows two consecutive years of ATM withdrawals falling by […]
