Savers at risk in bank, credit union data hack

Original article by Joyce Moullakis
The Australian – Page: 19 : 26-Aug-19

The security of the New Payments Platform is under scrutiny in the wake of revelations that the system has been subject to a second data breach. Cuscal has indicated that only about three per cent of bank and credit union customers who have registered for a PayID have been affected by the breach, which equates to less than 92,000 customers. Westpac customers who use the real-time NPP system were affected by a data breach in June.

CORPORATES
CUSCAL, WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Fintechs outpacing banks in digital payments

Original article by Roy Morgan
Market Research Update – Page: Online : 24-Sep-18

The Roy Morgan Digital Payment Solutions Currency Report shows that 6.5% of Australians aged 14+ now use non-bank contactless/cardless mobile payment system, while 6.4% use bank-owned digital payment solutions. The report also shows that 93.6% of Australians are aware of at least one digital payment solution, and 72.4% have used at least one digital payment solution in the last 12 months. Some 57.3% of Australians are aware of "tap and go" payment systems, 39.6% are aware of bank-owned mobile payment systems, 46.4% are aware of non-bank tap-and-go systems and 35.2% are aware of "buy-now-pay-later" payment systems. However, usage is lagging awareness considerably, with only 11.5% of Australians having used a tap-and-go payment system in the last 12 months, and only 6.7% having used a buy-now-pay-later digital solution over the same period. The report is based on more than 50,000 face-to-face consumer interviews during the year to June 2018.

CORPORATES
ROY MORGAN LIMITED

ANZ exec’s identity stolen for Westpac loan

Original article by Duncan Hughes
The Australian Financial Review – Page: 7 : 11-Aug-17

The Australian Payments Network has stated that more than $A175 million worth of online payments in 2016 were the result of domestic identity fraud, an increase of 28 per cent. One victim of this type of fraud was an ANZ executive, whose stolen drivers’ licence information was used to fraudulently secure a $A30,000 loan from Westpac. The head of the Black Economy Taskforce recently stated that widespread identity theft is "systemically undermining" Australia’s banking and financial systems.

CORPORATES
AUSTRALIAN PAYMENTS NETWORK, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, VICROADS, KPMG AUSTRALIA PTY LTD

ANZ joins the party with addition of Samsung Pay

Original article by James Frost
The Australian Financial Review – Page: 14 : 18-Jul-17

The ANZ Bank’s Bob Belan notes that it has become the first major bank to allow customers to make mobile payments using Apple, Samsung and Android devices. ANZ will begin offering the Samsung Pay contactless mobile payments solution. It was the first Australian bank to provide access to the rival Apple Pay service. Westpac revealed plans to offer Samsung Pay earlier in 2017.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, SAMSUNG ELECTRONICS AUSTRALIA PTY LTD, SAMSUNG PAY, WESTPAC BANKING CORPORATION – ASX WBC, APPLE INCORPORATED, APPLE PAY, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, FACEBOOK INCORPORATED, MESSENGER CORPORATION, WECHAT, SNAPCHAT INCORPORATED, CITIGROUP INCORPORATED, AMERICAN EXPRESS COMPANY, CREDIT UNION AUSTRALIA LIMITED, BANK AUSTRALIA, DEFENCE BANK LIMITED, BANK OF SYDNEY LIMITED

Apple Pay to take bite at big three banks

Original article by James Eyers
The Australian Financial Review – Page: 1 & 30 : 10-Feb-17

Macquarie Bank and ING Direct customers will have access to the Apple Pay service by the end of February 2017, but the ANZ Bank is the only "big four" bank that currently offers it. The head of Apple Pay, Jennifer Bailey, warns that the Commonwealth Bank, Westpac and National Australia Bank risk losing customers unless they embrace the global payments system. ANZ Bank has indicated that about 26 per cent of its customers use Apple Pay, while Bailey notes that Australians are now the biggest users of the service.

CORPORATES
APPLE PAY, APPLE INCORPORATED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, MACQUARIE BANK LIMITED – ASX MBL, ING DIRECT, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

PayPal takes $85m slice of SME lending pie

Original article by Michael Bennet
The Australian – Page: 23 : 8-Jul-16

PayPal has written more than $A85 million worth of loans to about 3,000 small businesses in Australia since late 2014. Darrell Esch, the global general manager of small and medium business lending at PayPal, is amazed by the rate of growth at PayPal Working Capital. The program’s combined figure for loans in the US, Great Britain and Australia exceeds $US2 billion ($A2.6 billion).

CORPORATES
PAYPAL AUSTRALIA PTY LTD, PAYPAL INCORPORATED, SOCIETYONE AUSTRALIA PTY LTD, PROSPA FINANCIAL PTY LTD, MACQUARIE SECURITIES PTY LTD, ETTITUDE AUSTRALIA

Apple Pay: a $1 billion per month potential turnover

Original article by Roy Morgan Research
Market Research Update – Page: Online : 2-Dec-15

A Roy Morgan Single Source survey has found that 52 per cent of Australians aged 14+ who have a non-bank issued American Express credit card also own an iPhone. The survey, which was carried out in the year to September 2015, also shows that more than 80,000 AMEX card-holders own an iPhone 6. This is the only iPhone model that is capable of accessing Apple Pay, which will be launched in Australia exclusively for AMEX-issued credit card holders.

CORPORATES
ROY MORGAN RESEARCH LIMITED, AMERICAN EXPRESS COMPANY, APPLE INCORPORATED, APPLE PAY, MASTERCARD AUSTRALIA LIMITED, VISA INTERACTIVE, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

OzForex co-founders big winners from Western Union bid

Original article by Shaun Drummond, Sarah Thompson, Michael Bailey, Anthony Macdonald, Joyce Moullakis
The Australian Financial Review – Page: 13 & 18 : 20-Nov-15

Shares in online foreign exchange group OzForex closed 30 per cent higher at $A3.38 on 19 November 2015, in response to Western Union’s $A888m takeover approach The indicative offer is non-binding and may not result in a formal takeover bid, but OzForex’s co-founder Matthew Gilmour expects the company to attract other bids. He notes that a number of overseas groups were interested in buying OzForex prior to its IPO in 2013.

CORPORATES
OZFOREX GROUP LIMITED – ASX OFX, WESTERN UNION FINANCIAL SERVICES INCORPORATED, DEUTSCHE BANK AG, MACQUARIE GROUP LIMITED – ASX MQG, CLAYTON UTZ, GRESHAM PARTNERS LIMITED, EURONET WORLDWIDE INCORPORATED, DEUTSCHE BOERSE, TRAVELWISE, WORLD FIRST, NEW YORK STOCK EXCHANGE, VEDA GROUP LIMITED – ASX VED, EQUIFAX INCORPORATED, ISELECT LIMITED – ASX ISU, PROVIDENCE EQUITY PARTNERS INCORPORATED

NAB does 10-year deal with Visa

Original article by Shaun Drummond
The Australian Financial Review – Page: 17 : 2-Nov-15

National Australia Bank has terminated its alliance with MasterCard in favour of rival credit card provider Visa. The two groups will co-operate in the development of new payment solutions as the trend toward the use of mobile devices for making payments gathers pace. Australian banks are also holding talks with Google regarding the introduction of its Android Pay system.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, VISA INTERNATIONAL, MASTERCARD AUSTRALIA LIMITED, GOOGLE INCORPORATED, APPLE INCORPORATED, SAMSUNG CORPORATION, AMERICAN EXPRESS COMPANY

Aussie banks ready for Apple Pay

Original article by Shaun Drummond
The Australian Financial Review – Page: 17 : 17-Jul-15

Apple is believed to be seeking a 0.15 per cent share of banks’ credit card interchange fees when it launches the Apple Pay service in Australia. The mobile payments service was officially launched in the UK on 14 July 2015, and is being supported by most of that nation’s lenders. David Gunn of Bain & Company notes that Australian banks have considerable bargaining power as they have already made a major investment in contactless payment technology.

CORPORATES
APPLE INCORPORATED, BAIN AND COMPANY, RESERVE BANK OF AUSTRALIA, VISA INTERNATIONAL, MASTERCARD AUSTRALIA LIMITED, PAYPAL INCORPORATED, WAL-MART STORES INCORPORATED, SAMSUNG CORNING COMPANY LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA