“There is a great opportunity to make Beem It available to more people with more services and features, while creating an Australian digital marketplace focused on delivering value for all users,” he said. And you’re in safe hands, because Beem is backed by eftpos, Australia’s trusted debit payments company.
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With Beem you can pay, request, transfer and split money plus earn rewards and keep your loyalty and gift cards all in one place. Beem IT has 1.4 million members nationally. Tap less & get more with Beem your digital wallet. “Beem It, along with other eftpos assets such as connectID, will be utilised to create compelling innovations within a local ecosystem for consumers, fintechs, merchants and banks to enhance digital commerce while leveraging existing industry investments to help compete with big tech.”Īlready, Britt has signalled plans to enable Beem IT with discounts and offers, an all-in-one loyalty wallet, gamified social rewards and promotions supporting local businesses. All you need to do is link a Visa or Mastercard debit card from an Australian bank.
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“This is critical as the eftpos Group has big aspirations for Beem It, both in terms of the role it will play in Australia as the lifestyle app for all Australians and for the eftpos Group broadly to progressively cover new ventures for the Group. Beem TM is a secure, free to download app which allows anyone to make, request or split payments instantly.
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This would at least allow CBA, NAB and Westpac customers to pay with iPhones - although snapping a QR code with a camera is not as smooth a payment experience as simply waving the phone near a contactless terminal.“Mark embraces the startup mindset required to deliver the necessary speed to market and intensity of meeting customer needs,” eftpos CEO, Stephen Benton, said in a statement. But given it works via a QR code, it could move into point of sale (POS) payments. Beem It's three shareholders failed when they challenged Apple's closing of NFC access at the ACCC last year.ĪNZ's decision to break ranks with the cozy oligopoly ruffled the feathers of CBA, NAB and Westpac, and also their customers, who can't use the their iPhones to make tap-and-go payments.Īt the moment, Beem It is targeting peer-to-peer payments. If that's the case, it won't delight the Reserve Bank, which wants the NPP to facilitate competition for payments services.Ī second interesting aspect of Beem It is what it says about how the banks might play against Apple.Īmong the big four banks, Apple Pay is only available by ANZ, because only ANZ agreed to give the tech giant a slice of its transaction revenue in order to get access to the iPhone's NFC antenna, which Apple controls. It will be interesting to see, therefore, whether Beem It's arrival makes it even harder for Osko to scale. It uses the credit card network of Visa and Mastercard to pull money from a sender's account, and the Eftpos system to put funds into the recipient's account.Īs of last week, there had only been 10,000 Beem It downloads, but CBA, NAB and Westpac on Monday have launched a national advertising campaign in conjunction with Beem It and have ambitious aspirations for growth. Josh Robenstoneīeem It plans to create a new peer-to-peer real-time payments brand that uses existing payments "rails", rather than the NPP. And given Osko operates through an existing banking app, these aren't necessarily the 'go to' apps when customers think about making payments.īeem It might be a way for CBA, NAB and Westpac to compete with Apple Pay at the point of sale in the future. Westpac and ANZ haven't yet made the system widely available to customers. However, the NPP uptake appears slower than what was initially expected. (A PayID is the new way that NPP payments can be addressed, replacing the BSB and account number). The company is owned by BPay, which is also owned by the big four banks.īpay says 10 million payments worth $6.5 billion have already been sent over the NPP, and since its launch, more than 1.6 million "PayIDs" have been created. The timing of Beem It's launch is intriguing, given the Reserve Bank-backed real-time payments platform, known as the new payments platform (NPP), was turned on only in mid-February.īeem It will directly compete with the first "overlay" service being offered on the NPP – a real-time, peer-to-peer payments service known as Osko.
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