One of the major players utilizing NPP became Osko, which is owned by BPay, which in turn is owned by Australia’s big four banks. The trio, to still allow their customers to be able to pay using their phone’s NFC technology, decided to create a mobile payment application of their own.Īnother deciding factor in the launch of Beem It was the looming creation of the new payments platform (NPP) by Australia’s Reserve Bank in February 2018. ANZ decided to split off from the rest and reached its own deal with Apple a month later.ĪNZ ended up being the only party involved that was willing to give Apple a portion of its transaction revenue. Those collective negotiations were put to a halt by the Australian Competition and Consumer Commission (ACCC) back in March 2017.
The three banks, alongside Australian and New Zealand Banking Group (ANZ), had previously negotiated with Apple over the usage of its Apple Pay system. The initiative, however, dates back months further.
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They can tap into Beem It’s Checkout API to simplify the payment process for customers.īeem It itself can be accessed by visiting the company’s website or by downloading its mobile app (available on Android and iOS devices).īeem It, headquartered in Sydney, Australia, was founded in February 2018 by three Australian banks Commonwealth Bank (CBA), National Australia Bank (NAB), and Westpac. Those bills can either be paid individually or shared.Ĭonsequently, Beem It is also available for other businesses. You can, furthermore, store your loyalty cards within the app to continue earning rewards for flights, grocery purchases, and more.Īnother neat feature includes the ability to pay bills using BPAY.
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Users can also earn various cashback rewards (dubbed Beembucks) when they use Beem It to pay at one of its 600 offline and online store partners. You can even set automatic reminders to ensure that a given person pays what they’re due. For example, if the user has multiple bank accounts, he or she can send up to AU$2,000 per day.Īdditionally, group expenses can be both tracked and split. If you want to spice up a payment, you can even include animated stickers.īeem It, apart from being able to transfer money, offers a variety of additional features. As a result, you neither need to provide BSB nor account numbers. The platform works together with dozens of banks in Australia such as CommBank, Westpac, and more.Īll one needs to send and receive money is the other person’s username. Money can be transferred between banks in a matter of seconds. “There are so many existing financial products that are either too complicated or inaccessible for Australians and we want to break that down and put the power back into our customers’ hands,” he said.Beem It is a FinTech application that enables users to pay, request, transfer, and split money instantly. Revolut Australia CEO Matt Baxby said the aim was to have a single app that would let Aussies take care of their finances in one place.
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However, note that Revolut doesn’t have a full banking license in Australia, so its Metal card isn’t a debit card.īefore officially launching, 30,000 Australians had added themselves to the app’s waitlist, with an additional 25,000 Australians already using the beta version.
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Premium and Metal plans come with particular perks, such as priority customer support and free lounge passes for yourself or a friend on delayed flights. The app is available in a Standard plan (free), a Premium plan ($10.99 per month) or a ‘Metal’ plan, which is $19.99 per month, down from the usual $29.99 per month.
Other features include a one-use virtual Visa card for extra security, vaults that let you round up your payments and save, as well as card security that lets you temporarily freeze cards or toggle swipe, contactless or online transactions. You can also split bills and request money, similar to the Beem It app, and it helps you budget and categorise your spending with instant notifications. The app’s features let you transfer and hold up to 27 foreign currencies without any exchange mark-up or hidden fees and allows you to instantly transfer local and international friends.
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Revolut has been available in testing mode in Australia since mid-2015 for a limited number of customers, but now available for any Australian to download and use.
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