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Australian banks join on mobile payment and wallet solution

Commonwealth Bank, Westpac, and National Australia Bank are lauching Beem, a new app enabling free and instant P2P payments to consumer and small businesses.

The new app will provide payments for all Australians, without requiring them to be actual customers of one of these banks. The app will be available on Android and iOS and will rely on bank level security and encrypted user account information, facilitating a low daily transactions.

Commonwealth Bank Group Executive of Retail Banking Services, Matt Comyn stated that “Beem will give small businesses a cost effective and easy way to collect payments instantly and on the go for their goods and services, without having to take the larger leap into using merchant credit facilities, or issuing invoices to be paid later.”

Westpac Chief Executive, George Frazis noted “innovations such as Beem and wearables are leading the way in payment solutions because they’re convenient, easy to use, and fit in with people’s lifestyles.”

Such partnership illustrates the advances banks are leading in the industry. As innovation is not exclusive to disruptors, banks are actively looking into new solutions to provide a financial service fitting to customers’ needs.

By Jean Leguy, Research Analyst at Holland FinTech]]>

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