ANZ CEO Shayne Elliott says digital wallets may displace plastic cards in less than a decade
Digital wallets could take over from plastic credit and debit cards in less than a decade, as consumers become more comfortable making purchases on smart phones, ANZ chief executive Shayne Elliott predicts. Google on Thursday launched its Android Pay system in Australia, which will allow consumers to use their smart phones for payments wherever contactless card payments are accepted, and to make purchases within apps. ANZ is the first Big Four bank to offer the service to its customers, and Mr Elliott anticipates it won’t be long before payments on smart phones overtake those using plastic cards. Digital wallet offerings from banks started to emerge a couple of years ago […]
Google launches Android Pay in Australia
Google has today announced the launch of its contactless smartphone payment system Android Pay in Australia, providing a new way to pay for just about anything without needing to grab your wallet. “We truly believe that we’re at a tipping point in Australia, where we can get mass adoption of mobile payments”, Google’s senior director of product management Pali Bhat tells Fairfax Media, noting that 60 per cent of Australians already make payments with a contactless card. Mobile payment solutions for phones are already offered by Apple, Samsung and some individual banks, but Google believes Android Pay differentiates itself with its ease of use. Because the system is baked directly […]
Mutual banks back fintech accelerator mLabs
Member-owned credit union CUA will turn to young, digitally savvy entrepreneurs to help it address a gap in its business: luring in more young, digitally savvy customers. The Queensland-based company is one of seven mutual banks that have signed up to a new fintech accelerator program run by professional services firm KPMG. The mLabs 12-week program will connect the mutual banks with 14 start-up companies in an attempt to promote innovation. Beyond Bank, Greater Bank, Heritage, IMB (Illawarra Mutual Bank), Police Bank, and Teachers Bank have signed up alongside CUA to work closely with the start-ups to come up with solutions to sector-wide issues, and create prototype products and services. […]
Xero & CommBank unveil innovations to transform small business banking
Xero today announced the first of many new features to be released with Commonwealth Bank, Australia’s largest bank, designed to enable mutual small business customers to make smart, informed decisions. A world first is the ability to set up direct bank feeds from either platform. Mutual customers of Commonwealth Bank and Xero can choose to start their journey within Xero, or connect from the Xero accounting platform directly within NetBank. This feature also accelerates the processing time of setting up Commonwealth Bank bank feeds for a small business customer from ten days to having the feeds available overnight. It means Commonwealth Bank and Xero customers can reconcile more of their […]
ChimpChange new revenue generating product goes live
ChimpChange Limited (ASX: CCA) (“ChimpChange” or the “Company”) is pleased to announce it has launched into the market its photo cheque load tool. The photo cheque load tool is the first in a line of new product offerings being rolled out by the Company to complement its existing transactional banking account and debit MasterCard. While cheques are becoming rarer in the Australian banking environment the US banking system is still a cheque based economy. According to the World Payment Report, in 2013 cheques account for approximately 13% of all non-cash payments in North America (US$17 billion). The product allows customers the ability to take a photo of a cheque using […]
Rubik expands footprint in Asia with Bank Alfalah Agreement
Australian listed fintech, Rubik Financial Ltd (ASX:RFL) is pleased to announce it has signed an agreement with Bank Alfalah, one of the leading banks in Pakistan, to implement its collections platform, CWX. The agreement brings the total to 5 out of the top 7 banks in Pakistan using CWX and reinforces the company’s market leading position in collections software in many Asian and Middle Eastern countries. Rubik also partners with leading banks in both Dubai and Abu Dhabi. Rubik is joining forces with longtime banking partner Temenos, the recognised global leader in digital and core banking software, on the Bank Alfalah project to integrate its CWX solution with Temenos’ core […]
H2 Ventures Fintech Expo 2016
H2 Ventures Fintech Expo 2016 H2 Ventures are hosting its third annual Fintech Expo, an opportunity to hear from some of the most talked about and exciting Fintech companies in Australia. Tuesday 19th of July 2016 Get your tickets here: http://h2vfintechexpo.eventbrite.com.au/ Save Save
NAB launches instant card feature with NAB Pay
Whether you’ve lost your card or left it at home, you can now use NAB Pay to make contactless payments with your Android phone. NAB is the latest bank to launch a new feature to add to the contactless payments bandwagon. With the launch of a new instant card feature on the NAB Pay app, customers with compatible Android devices can now use their phone to make payments if they’ve lost their card. As a replacement card typically takes a few days to arrive, the feature is an easy way for cardholders to continue making payments without their card. You can use your Android phone for payments wherever contactless cards […]
