What's New in Payments

Analyst: Rise of OEM Pay smartphone wallets to cost banks US$15bn — in Australia alone

$22b of bank revenue at risk from smartphone wallets: Morgan Stanley — The Australian Financial Review — “Smartphone digital wallets offered by Google, Apple and other technology giants will put A$22bn of revenue across the major Australian banks at risk, according to Morgan Stanley… Its analysts came to that figure after looking into how a banks’ payments capability influences decisions relating to other products. This includes transaction accounts that give major banks an opportunity to cross-sell customers more profitable products such as mortgages.”


What's New in Payments

Australian merchants to accept payments on their mobile phones — with no additional hardware required

CBA launches hardware-less payments app for SMBs — The Australian Financial Review — “Commonwealth Bank will bring a new mobile payments technology to market in Australia that enables small businesses to accept credit card payments of up to A$100 on their Samsung devices, without any other hardware…. A pilot program is expected to kick off in early 2018, with the smartphone payments platform to be rolled out commercially by mid next year.”


What's New in Payments

Visa moves to kill PINs by pushing Aussie banks towards biometric authentication

Visa moves to kill PINs by pushing Aussie banks towards biometric authentication — The Australian Financial Review — “A new Visa security roadmap outlines a four-year process for Australian banks to adopt new standards for e-commerce transactions, designed to streamline the purchasing process and reduce fraud, while implementing new information-sharing practices and tokenization technology.”


What's New in Payments

Square gets green light to take on banks with ‘PIN on glass’ mobile technology

Square gets green light to take on banks with ‘PIN on glass’ mobile technology — Australian Financial Review — “Banks are set to face more competition in the lucrative mobile point of sale technology game as secret trials featuring Twitter founder Jack Dorsey’s payments company Square are set to help credit card companies allow more payments through smartphone screens.”


What's New in Payments

Westpac shock as Apple bans its messaging payments app after three months

Westpac shock as Apple bans its messaging payments app after three months — Australian Financial Review — “The iPhone maker surprisingly ordered Westpac to remove a key feature of its recently revamped mobile banking application, which let customers make payments in popular chat applications… In a letter to customers, seen by The Australian Financial Review, Westpac reveals that its Westpac Keyboard function will be removed in July.”



What's New in Payments

Apple Pay boss claims Australians will be ‘happy to switch banks’ for the mobile payments service

Apple's Jennifer Bailey

Apple Pay boss Jennifer Bailey says she believes Australians will be “happy to switch banks” in order to use Apple Pay, while the group of four Australian banks wanting the ability to collectively negotiate with Apple over the introduction of the mobile payments service risks “being left behind” in the development of digital wallets by doing so... More






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