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

Targeted tax strike on digital economy

Original article by David Crowe, David Uren
The Australian – Page: 1 & 2 : 11-Jan-17

The Australian Government plans to overhaul the tax system in response to the transition from a cash-based economy to digital payments. Treasurer Scott Morrison has stressed the need to ensure that the nation’s tax base is modern as well as comprehensive and reflects the shift to a digital economy. The Government also intends to crack down on the so-called "black economy", while 2017 will also see the broadening of the GST to include online purchases and new measures to counter profit-shifting by multinationals.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, GOOGLE INCORPORATED, NETFLIX INCORPORATED, AUSTRALIAN LABOR PARTY, RESERVE BANK OF AUSTRALIA, AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIA. DEPT OF HUMAN SERVICES. CENTRELINK, CSIRO

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

Airlines reject credit card surcharge gouge claims

Original article by Shaun Drummond
The Australian Financial Review – Page: 6 : 10-Nov-15

Qantas and its Jetstar subsidiary impose a surcharge of between $A7 and $A30 on flights booked via a credit or debit card. However, Qantas’s Andrew Parker estimates that the carrier recovered only about 81 per cent of the full cost of such transactions in 2014-15. Virgin Australia has indicated that its surcharges also do not allow it recover the full cost of credit/debit card transactions. Queensland businessman Klaus Bartosch has rejected the airlines’ claims and has argued that the surcharges are too high.

CORPORATES
QANTAS AIRWAYS LIMITED – ASX QAN, JETSTAR AIRLINES PTY LTD, VIRGIN AUSTRALIA HOLDINGS LIMITED – ASX VAH, VISA INTERNATIONAL, MASTERCARD AUSTRALIA LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

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

Westpac buys stake in payments start-up

Original article by James Eyers
The Australian Financial Review – Page: 21 : 25-Jun-15

PromisePay has raised $US2m ($A2.6m) in seed funding from several venture capital funds, including the Westpac-owned Reinventure Group. PromisePay was founded in 2014 and offers a payment platform for online marketplaces such as Jobstream and Flippa. PromisePay forecasts strong growth in revenue in 2015-16. Reinventure has previously invested in SocietyOne, Nabo and Zetaris.

CORPORATES
PROMISEPAY, REINVENTURE GROUP PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, JOBSTREAM, FLIPPA.COM PTY LTD, SOCIETYONE AUSTRALIA PTY LTD, NABO COMMUNITY, ZETARIS PTY LTD, RAMPERSAND HOLDINGS PTY LTD, CULTIVATION CAPITAL, 99DESIGNS PTY LTD, SQUARE, SIXTHIRTY, KIMA VENTURES, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, TELSTRA CORPORATION LIMITED – ASX TLS, ERICSSON AUSTRALIA PTY LTD, NEC AUSTRALIA PTY LTD, FUJITSU AUSTRALIA LIMITED, STANDARD CHARTERED BANK PLC, BRAINTREE LABORATORIES INCORPORATED, UBER TECHNOLOGIES INCORPORATED, AIRBNB INCORPORATED, EBAY INCORPORATED, CRAIGSLIST, GUMTREE.COM AUSTRALIA PTY LTD, CARSALES.COM LIMITED – ASX CAR

Cheques dead and cash no longer king

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

Bendigo ‘redy’ to pay through smartwatches

Original article by Shaun Drummond, Ruth Liew
The Australian Financial Review – Page: 17 : 28-Jul-14

Bendigo & Adelaide Bank has launched a new mobile payments network that is dubbed "redy" and can be used with a Samsung smartwatch and smartphone. The technology was developed by the regional bank’s Community Telco subsidiary. The redy system uses QR codes to verify transactions, while customers also receive an online token for each redy transaction, which can be converted into cash that can be spent or donated to charity

CORPORATES
BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, COMMUNITY TELCO AUSTRALIA PTY LTD, PAYPAL AUSTRALIA PTY LTD, SAMSUNG CORPORATION, COLES GROUP LIMITED, WESFARMERS LIMITED – ASX WES, GOOGLE INCORPORATED