Oz banks team up for mobile P2P payments service

Oz banks team up for mobile P2P payments service

In the wake of their bitter battle with Apple, three of Australia's big banks have joined forces on a person-to-person mobile payments app.

Commonwealth Bank, National Bank of Australia and Westpac will launch the free Beem app for Android and iOS devices by the end of the year, according to the Sydney Morning Herald.

It will be open to customers of all banks, who can send money without entering the recipients' account details.

Although Beem will initially focus on instant P2P payments, it could eventually expand to point-of-sale transactions, bringing it into competition with the likes of Android Pay and Apple Pay.

The three banks are currently refusing to offer Apple Pay to their customers after being denied authorisation to collectively bargain with the US the giant.

ANZ, the only big Oz bank to offer Apple Pay, is not currently involved in Beem but may sign up in the future.

Comments: (1)

A Finextra member
A Finextra member 01 November, 2017, 20:06Be the first to give this comment the thumbs up 0 likes

When is the former consortium of five major banks in Australia going to stop squabbling with Apple to bring in Apple Pay to the rest of Australia? This squabble is childish and as usual all about the money. I am so heartily sick of it all!