Digital Finance Analytics (DFA) Blog
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Given the stalemate with Apple Pay, it is interesting to see the recent announcement that Westpac customers will soon be able to tap-and-pay hands-free with the announcement of a new wearable payment option, ‘PayWear’. “Westpac PayWear uses the same contactless payment technology as your Debit Mastercard®. You simply tap the accessory wherever contactless payments are … Continue reading “Westpac Reveals ‘PayWear’ Wearable Payment Technology”
From Gizmodo. In the eternal war between Apple Pay, Android Pay and Samsung Pay, the world’s largest smartphone maker just scored another — minor — victory. Millions of customers from Australia’s second largest bank can now use Samsung’s phones and smartwatches instead of their credit and debit cards to pay at almost any NFC payment … Continue reading “Westpac Now Offers Samsung Pay”
The group of Australian banks applying to the Australian Competition and Consumer Commission (ACCC) for permission to jointly negotiate over access to Apple Pay and the Near Field Communication (NFC) function on iPhones, have announced they have narrowed the application to solely focus on open access to the NFC function. In a joint statement on … Continue reading “Australian Banks Tell Apple – It’s About Access to NFC”
From Australian Fintech. Apple says three of the big four banks are pushing to pass the costs of Apple Pay on to their customers as a way to “condition the market” into paying extra fees when using a mobile phone to make a ‘tap and go’ payment. One of the issues in the long-running battle … Continue reading “Apple claims banks want digital wallets as a new revenue source”
From The US Conversation. Speeding up payments to SME’s would have a major positive impact. Operating a small business, the backbone of the U.S. economy, has always been tough. The same is true in Australia, and cash flow is a major challenge, as data from our SME survey shows: According to The Conversation, SME’s also … Continue reading “How speeding up payments to small businesses creates jobs”
Here is a joint statement on behalf of Bendigo and Adelaide Bank, the Commonwealth Bank of Australia, National Australia Bank, and Westpac regarding the current ACCC investigation relating to access to mobile payments via third party wallets. Australians should have the freedom to choose which mobile wallet they use for contactless payments, regardless of what … Continue reading “Banks Up The Ante On Access To Mobile Payment Wallets”
From The Conversation. Having spent five years supervising large financial institutions on Wall Street, I am rarely surprised by the latest news of banks behaving badly. But even the most hardened cynics, such as myself, were taken aback by the recent announcement that Wells Fargo was being fined US$185 million for fraudulent sales practices that … Continue reading “Should Wells Fargo execs responsible for bilking customers be forced to return their pay?”
From ComputerWorld. Even if the Australian Competition and Consumer Commission (ACCC) authorises collective negotiations between a group of banks and Apple over the use of the Apple Pay platform, the iPhone maker says that it “will not and cannot” agree to the conditions likely to be sought by the banks. Bendigo and Adelaide Bank, the … Continue reading “Apple hits back against banks”
ANZ today announced its Mastercard customers can now use their smartphone to make tap and go payments with Android Pay or Apple Pay. From today, more than 500,000 ANZ customers with a Mastercard credit card can use contactless payments. Mastercard was the first in the world to offer contactless payments, and Australians are fast adopters … Continue reading “ANZ Offers Mobile-Pay Services To Mastercard Customers”
From TheBankDoctor. In 2015, online SME lending in Australia was around $250m, up from a zero base two years ago. Growth will continue exponentially and online SME lending will become a significant alternative source of funding for Australia’s SMEs. Online lenders perform an important role by lending to thousands of SMEs that would otherwise struggle … Continue reading “SMEs need protection from online Payday Lenders”