ELECTRONIC FUNDS TRANSFERS – AUSTRALIA

Aussie banks ready for Apple Pay

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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

Credit card firms push cashless world

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Original article by Shaun Drummond
The Australian Financial Review – Page: 19 : 10-Feb-15

Credit card companies are determined to eliminate cash from financial transactions. Progress towards this aim has been particularly fast in Australia and developing countries. MasterCard’s president of international markets, Ann Cairns, says half of all MasterCard transactions in Australia are already done through its PayPass system

CORPORATES
MASTERCARD INTERNATIONAL INCORPORATED, VISA INTERNATIONAL, APPLE INCORPORATED, WESTPAC BANKING CORPORATION – ASX WBC, SAMSUNG CORPORATION

Cabcharge lashes ‘illegal’ Uber

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Original article by Andrew Main
The Australian – Page: 22 : 27-Nov-14

Stockholders at the 26 November 2014 AGM of taxi fare payment services group Cabcharge rejected the remuneration report with a "no" vote of 57%. However the option to dismiss the entire board of directors, as this was the fourth year in succession for more than 25% to be opposed, was only backed by 2.1%. Meanwhile chair Russell Balding used his address to strongly criticise the Uber smartphone app business, especially its UberX service. He argued the arrangement under which private vehicle owners car share in exchange for payment was illegal

CORPORATES
CABCHARGE AUSTRALIA LIMITED – ASX CAB, UBER TECHNOLOGIES INCORPORATED, SYDNEY AIRPORT – ASX SYD, AUSTRALIAN BROADCASTING CORPORATION, LAZARD PTY LTD, ABERDEEN ASSET MANAGEMENT LIMITED, TRANSPORT FOR NSW

Stevens slams bank holdouts

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Original article by Richard Gluyas
The Australian – Page: 21 : 24-Oct-14

A new payments platform enabling real-time processing of transactions is supposed to be rolled out with the help of the Australian banking sector by late 2016. However Westpac Banking and others have not yet approved the incorporation of a joint venture for the project, drawing sharp criticism from Reserve Bank of Australia governor Glenn Stevens. He told the 2014 congress of the Australian Payments Clearing Association that the central bank "would be duty-bound to consider a regulatory ­approach" if no progress can be achieved

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, RESERVE BANK OF AUSTRALIA, AUSTRALIAN PAYMENTS CLEARING ASSOCIATION LIMITED, MORTGAGE CHOICE LIMITED – ASX MOC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Aldi fails to disclose tap and go charges

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Original article by Shaun Drummond
The Australian Financial Review – Page: 8 : 19-Aug-14

The Australian Securities & Investments Commission has ordered Aldi to take remedial action to display fees for contactless card transactions at the point of sale. An investigation by the corporate regulator found that Aldi had failed to disclose the fact that a surcharge of 0.5 per cent applies to payments that are made using so-called "tap and go" credit cards

CORPORATES
ALDI STORES SUPERMARKETS PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, RESERVE BANK OF AUSTRALIA, VISA INTERNATIONAL, MASTERCARD AUSTRALIA LIMITED

Banks count on trust to fend off new players

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Original article by Michael Bennet
The Australian – Page: 21 : 12-Aug-14

Bendigo & Adelaide Bank CEO Mike Hirst has commented on the new competition posed to the banking sector in Australia and globally by electronic payment services providers such as PayPal. He noted that these challengers lack the trust consumers still have in the established banks, which also command larger holdings in their accounts. Hirst argued that the main threat to the industry was a potential serious data breach by computer hackers, which would erode the confidence customers have in the institutions

CORPORATES
BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, PAYPAL INCORPORATED, MACQUARIE GROUP LIMITED – ASX MQG

Cheques dead and cash no longer king

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Original article by Shaun Drummond
The Australian Financial Review – Page: 3 : 6-Aug-14

The Australian Payments Clearing Association has issued a new study commissioned from the RFi consultancy firm. The "Milestones Report" predicts the share of all transactions that is accounted for by cash to decline by 20% to just 43% in the period to 2018. The use of cheques has also dropped 12.5% in 2012 and 13.3% in 2013, and by 2018 there may be few businesses left that still accept them. Credit cards and the eftpos system are tipped to each hold 24% of the payments market by 2018, while new solutions using smartphones will grow their share from 2% to 12%

CORPORATES
AUSTRALIAN PAYMENTS CLEARING ASSOCIATION LIMITED, RETAIL FINANCE INTELLIGENCE PTY LTD, PROPERTY EXCHANGE AUSTRALIA, MASTERCARD AUSTRALIA LIMITED, VISA INTERNATIONAL, EFT-POS AUSTRALIA PTY LTD, RESERVE BANK OF AUSTRALIA