RBA study finds cards are king, overtaking cash for the first time
Credit and debit cards have overtaken cash as the most frequently used consumer payment for the first time, as food retailers and ridesharing apps such as Uber offer more cashless payment options. Cards were the most frequently used means of payment, accounting 52 per cent of consumer payments, followed by cash at 37 per cent, according to the Reserve Bank’s consumer payments survey released on Tuesday, which surveyed 17,000 day-to-day payments made by over 1500 participants during a week. A decade ago, cash accounted for nearly 70 per cent of consumer transactions, and cards 26 per cent. The RBA said credit and debit card use increased across the board in […]
Personal loan applications surge as credit cards wane
Australians are shunning high interest credit cards and turning to personal loans for large purchases. Driving the switch are tech-savvy consumers taking up loans from peer-to-peer (P2P) lenders, a new breed of online competitors to banks. Credit card applications fell by almost 4 per cent in the March 2017 quarter compared with the same quarter last year, the latest report on consumer credit by credit bureau Equifax shows. That’s the biggest fall since September 2012 quarter. Personal loan applications rose by 13.5 per cent over the same period, the biggest increase since the March 2005 quarter. The latest period of sustained growth in personal loan applications started in the second […]
Effi announces new partnership with global comparison site Finty
Effi has announced a partnership with global comparison site Finty, which will enable brokers to reach more potential customers throughout Australia.
Thank You & Merry Christmas!
From the team at Australian FinTech, we’d like to say a massive THANK YOU to everyone who has supported us over the past 12 months.
Two young entrepreneurs take on the Australian domestic payments scene
Kartikeya Dwivedi and Vihan Bawa decided to collaborate on a solution that would reimagine how domestic payments were being done in Australia.
Recent ACCC fines have taught the industry a lesson about Product Reference Data
Under the Consumer Data Right, banks and non-bank lenders are obligated to share accurate Product Reference Data using APIs and data schemas.
Change Financial provides positive trading update on the rollout of its Vertexon PaaS platform
Change Financial have provided a trading update on the rollout of its Vertexon PaaS platform in Australia, New Zealand and the USA.
Cleared for takeoff: Bonza selects Monoova to become first airline to launch PayTo
Monoova, has been selected by Australia’s newest airline Bonza to offer PayTo’s seamless, fee-free payment option for consumers paying online for their flights or travel booking, without credit card or other surcharge fees.
