Fintech

News about fintechs, start ups and innovative ideas in the payments space

Apple Pay pushes take up at Woolies amid concerns about hidden fees

Apple Pay has taken out paid advertising at Woolies checkouts to further push up its market share, amid serious concerns from banks that hidden fees are adding significant cost to Australia’s payments system.

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With no consensus on card fees and surcharging, will the public interest prevail?

If the Reserve Bank wants consensus on its proposal for merchant fees and surcharging, it’s a lost cause. The best the central bank can hope for is a decision in the public interest, leveraging strong sentiment on issues such as scheme fees, least-cost routing and the burden on small business.

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Does ANZ’s fintech fire-sale signal the beginning of a trend?

ANZ has dumped three fintech bets in a matter of days, a sharp shift away from underperforming payments-led experimentation.

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RBA asked to explain soaring merchant costs as it finalises reforms

Small business groups want the Reserve Bank to shed light on why the average fee to process an eftpos transaction is rising as wholesale costs decline and more banks make least cost routing available to merchants. They say it’s pointing to something profoundly dysfunctional in the Australian payments system.

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Adyen halves merchant costs with AI-enabled dynamic routing

Adyen has achieved a breakthrough in lowering the payments costs borne by merchants in Australia and the US, using an AI-driven dynamic routing platform. The service has delivered cost savings running into the millions for big online merchants such as Adobe and Microsoft.

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Cuscal swoops on Indue ahead of ASL marketing push

Cuscal boss Craig Kennedy says he has received positive feedback from Indue customers about his company’s proposed $75 million buyout of its Brisbane-based rival.

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Matt Barr to head Send after $5m raise

Sydney cross-border payments outfit Send Payments has appointment former Australian Payments Plus, eftpos and Mastercard executive Matt Barr as its new CEO, just after successfully raising $5 million.

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Tyro transaction value flat, as buyers remain elusive

Tyro’s full year result shows that one of the Sydney acquirer’s key business transaction metrics has flatlined in the 12 months to June, while it searches for new business in verticals including pet health, automotive and aged care.

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Zip eyes Nasdaq listing as Aussie business softens

Sydney payments outfit Zip has announced plans to list on Nasdaq, after seeing significant growth in its US operations and a softening market at home.

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Banks among potential suitors for Tyro but still no sale

Tyro investors are jittery after it revealed it had rejected several offers to sell its business but still hasn’t landed a buyer.

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VC cash runs dry for retail payments fintechs

Venture capital support for retail payments fintechs continues to wither. But it’s a different story for enterprise-focused fintechs and retail players active in the wealth management and lending sectors.

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Australia’s A2A transition: governance conflicts, delays, and global lessons

Despite an RBA prompted inquiry into A2A and plenty of warnings from fintechs like Zepto and Volt, a lack of industry coordination or tough regulation looks set to keep BECS operating well beyond 2030.

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Monoova launches new A2A plugin for WooCommerce

Monoova has launched a new payments plugin for WooCommerce, enabling Account-to-Account (A2A) and traditional card payments.

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Mutual bank executives pampered in Brisbane as Cuscal and ASL go into battle

Cuscal and ASL this week fired the opening salvos in their emerging war for outsourcing mandates in the mutual banking sector.

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Passkeys are the future for Azupay

Azupay has integrated passkeys across PayTo payments to provide its customers with an additional security layer which is seamless to use, amidst growing concern in the advancement of fraud tactics.

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Rankin departs Azupay board

Payments industry veteran Kirsty Rankin has pulled stumps on her time as a director of Azupay.

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Tyro trading halt awaits pending announcement

Tyro Payments has gone into a trading halt pending a further announcement expected by Thursday.

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Azupay partners with NAB on PayID Receivables

NAB has launched its new PayID Receivables service with a little help from Sydney based Fintech Azupay.

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European payments giant eyes Cuscal’s Aussie customers

Luxembourg-based Banking Circle is preparing to challenge Cuscal’s dominance of payments outsourcing after local regulators approved its buyout of Australian Settlements Ltd.

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Fiserv sued over Clover move in US

Fiserv is being sued in the US over the migration of its merchants to Clover and for allegations it misled investors about the point-of-sale’s platform growth.

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Quest and Coles payment terminal partnership

Quest Payment Systems has partnered with Coles Group to update its payment terminal fleet across more than 2,000 supermarkets and liquor outlets in Australia.

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Government moves on payment reform with modernisation Bill

Assistant Treasurer, Dr Daniel Mulino, has introduced legislation that paves the way for the Government to tackle payments issues such as the dominance of Apple Pay on mobile and blended rates for card payments.

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ASL live with PayTo send following Luxembourg buyout agreement

Fresh from its yet to be finalised deal with Luxembourg bank Banking Circle S.A, ASL is marching ahead with its product offerings, launching PayTo send capability this week enabling its customers access to “a fast, secure and efficient payment solution”.

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PayPal BNPL comes to Gumtree Pay

Gumtree Australia has partnered with PayPal to offer PayPal Pay in 4 to its customers through their new payment platform called Gumtree Pay.

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Specialty is key in new era of Aussie payments consulting

With increasing complexity around digital payments, a new breed of payments consultant is emerging in Australia focusing on niche specialisations to help businesses meet new challenges.

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