Australia - Digital Economy - Financial Services

Synopsis

Australians are one of the world’s biggest users of online banking. EFT (electronic funds transfer) is very popular in Australia, and the BPAY consortium, owned by Australia’s Big Four banks, is widely used to pay bills. However, the more consumer-driven developments such as m-banking took longer to emerge. After decades of procrastination, and ultimately pushed by development from companies such as Apple and Google, the era of m-payments has now taken off in a big way, with all four banks now facing breakneck growth in m-payments. Further expansions are expected in other sectors of m-banking as smartphones and tablets are quickly becoming customers’ preferred way to interact with their banks. By 2015 it is expected that m-banking will overtake the online banking in the number of transactions done electronically.

Early m-payment trials started in the 1980s but PC online banking eventually became the first cab off the rank during the 1990s. BuddeComm assisted the Commonwealth Bank to set up the first national online banking system in the world, Telebank.

The arrival of the iPhone and since then the broader smartphone developments proved that the mobile operators’ restrictive portal market could be bypassed and this produced an explosion in new mobile applications, to such an extent that the value of this market overtook the mobile portal market within two years; it is now the dominant m-commerce platform. Possibly within another year or two the open Android platform, together with an open API type access, will support more m-commerce and drive the development and uptake of m-payment facilities further.

Key developments:

Near Field Communications NFC, person-to-person (P2P) payments, Retail POS, contactless payments, interactive voice recognition IVR.

Companies mentioned in this report include:

Commonwealth Bank, ANZ Bank, Westpac, National Australia Bank, Visa, MasterCard, mHITs, Hoyts, CabCharge, Taxis, Coles, Vodafone, Optus.

Table of Contents

  • 1. Synopsis
  • 2. The banking sector
  • 3. Trends and Developments
    • 3.1 Reserve Bank set to overhaul its online banking platform
    • 3.2 Business embracing electronic payments
    • 3.3 Cashless Australia
    • 3.4 M-banking
    • 3.5 New Payments Platform
  • 4. Market Analyses
    • 4.1 Banks under e-pressure
    • 4.2 Traditional banking under threat
    • 4.3 Banks were slow of the mark
    • 4.4 Innovation remains a problem for the banks
    • 4.5 Digital economy will affect bank fees
  • 5. Trends and developments in mobile payments
    • 5.1 The effect of m-banking on brick-and-mortar branches
    • 5.2 Mobile ID for Mobile banking
    • 5.3 Push for universal mobile payments system
    • 5.4 E-payment trends – HP-RFI Report 2014
      • 5.4.1 Online Payments
      • 5.4.2 Virtual cards
      • 5.4.3 Prepaid cards
      • 5.4.4 Tap & Pay payments
      • 5.4.5 Mobile Payments
    • 5.5 Wave Payments
      • 5.5.1 Trends in cash payments
      • 5.5.2 Wireless ‘wave payments’
    • 5.6 FLASHiZ
  • 6. Bitcoin
    • 6.1 Introduction
    • 6.2 CoinJar
    • 6.3 Westpac first bank to join bitcoin rush
  • 7. Projects and Services
    • 7.1 Commonwealth Bank of Australia (CBA)
      • 7.1.1 Company update 2015
      • 7.1.2 CBA m-banking overview
      • 7.1.3 Homebuyers applications
      • 7.1.4 NetBank (successor of Telebank)
      • 7.1.5 Mobile payment app – Kaching
      • 7.1.6 iPhones as payment terminals
      • 7.1.7 Albert
      • 7.1.8 MyWealth
      • 7.1.9 Smartphone to access ATMs
      • 7.1.10 Smartwatch
    • 7.2 Australia and New Zealand Bank (ANZ)
      • 7.2.1 M-banking update
      • 7.2.2 goMoney
      • 7.2.3 ANZ ePOS
    • 7.3 Westpac
      • 7.3.1 Statistical overviews
      • 7.3.2 Google Glass and Smartwatches
      • 7.3.3 Apple's iBeacon
      • 7.3.4 Tap-to-pay for Samsung devices
      • 7.3.5 Fingerprint banking
      • 7.3.6 Investment in PromisePay
    • 7.4 St.George Bank
      • 7.4.1 Mobile cash
    • 7.5 NAB
      • 7.5.1 Introduction
      • 7.5.2 NAB Now
      • 7.5.3 New lending platform
    • 7.6 MasterCard
      • 7.6.1 MasterPass
      • 7.6.2 Use a QR code to order fast-food at the movies
    • 7.7 Visa
      • 7.7.1 payWave
      • 7.7.2 Visa and Vodafone
      • 7.7.3 Visa’s wallet: V.me
      • 7.7.4 Visa’s V.me
      • 7.7.5 Token system for smartphone shopping
    • 7.8 NFC-powered mobile wallet from Coles
    • 7.9 PayPal
      • 7.9.1 Payment services
      • 7.9.2 Deals with partners
      • 7.9.3 Tyro Mobile
      • 7.9.4 E-loans
    • 7.10 Square
    • 7.11 Apple Pay
    • 7.12 Android Pay
    • 7.13 Stripe
    • 7.14 mHITs
    • 7.15 NoQ
    • 7.16 Mint Wireless
    • 7.17 Cash by Optus
    • 7.18 Eftpos
    • 7.19 Moula – e-loans
    • 7.20 SocietyOne. - peer-to-peer lending
  • 8. Disrupting the insurance sector
  • 9. Premium rate SMS (PSMS) portals and applications (apps) (separate report)
  • 10. Related reports
  • Table 1 – Rapid uptake – September 2011 – March 2014
  • Table 2 - Key statistics for ANZ goMoney - 2014
  • Exhibit 1 - Participating financial institutions
  • Exhibit 2 – PayPal SMB Statistics – 2013
  • Exhibit 3 – Overview of Q-Jumper and Easy Canteen by mHITs

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Licence Information

Focus Report Profile

Technologies

Digital Economy
Mobile & Wireless Broadband and Media

Number of pages 35

Status Archived

Last updated 27 Apr 2016
Update History

Analyst: Paul Budde

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