NAB has become the third big four bank to offer Apple Pay, further cementing cardless payments as a major development in Australia’s financial landscape.
Westpac is the last remaining big Australian banking institution not to offer Apple Pay after NAB announced that the service had gone live for its customers
Open banking has forced the UK’s big banks to use financial services from other players and to offer lifestyle services such as sourcing mobile phone or energy plans
Several of the world’s largest banks are in the process of investing around US$50 million to create a digital cash system using blockchain technology
The Reserve Bank has warned that growth in payments driven by smart phones, watches and other wearable devices must not stifle competition.