Tag: australia mobile payments

Optus releases new accessories to promote mobile payments

| February 10, 2016

Optus is entering into Australia’s mobile payments space in order to meet consumer demand

Several companies are fighting to enter into Australia’s mobile payments market, but they are finding it difficult to do so. Optus, one of the country’s largest telecommunications organizations, will be moving into the mobile payments space to fill the gap in services that exists in the market. The demand for such services has risen dramatically over the past few years, with consumers wanting to use their smartphones and tablets to purchase products online.

New accessories will give mobile devices NFC capabilities

Optus has launched a new range of accessories that can be used on its existing Cash by Optus platform. These accessories are equipped with NFC technology and will allow consumers to give their smartpones the ability to make mobile payments. Devices equipped with the accessories can be used to send and receive payments of $100 or less. Optus believes that the new accessories will enable more consumers to participate in mobile commerce.

NFC technology continues to play a major part on the mobile commerce sector

Mobile Payments - NFC TechnlogyNFC technology plays a major role in the mobile commerce space. This technology allows digital information to be sent over short distances, which is ideal for mobile transactions. The problem, however, is that consumers must have NFC-enabled mobile devices in order to make these transactions. In the past, such devices were quite rare, which slowed the adoption of mobile commerce. While NFC-enabled devices are now quite plentiful, many consumers still lack access to NFC technology, which is why the new accessories from Optus may become so useful to consumers.

Apple and Google will face significant competition when they manage to come to Australia

Apple is looking to enter into Australia’s mobile payments market, but the company has encountered resistance from some of the country’s largest banks. Google is finding less resistance, however, and intends to release its new mobile payments system in Australia at some point later this year. Both Apple and Google will have to compete with Optus, which is likely to establish a strong foothold in the mobile commerce market before other companies manage to break into the market.

Apple faces challenges in Australia’s mobile payments market

| August 20, 2015

Banks may have serious concerns regarding Apple’s mobile payments service

Some of Australia’s major banks may have a problem with Apple and its new mobile payments service. According to a report from the Financial Review, banks have taken issue with the interchange fees associated with Apple, and if the problem persists, banks may begin looking for alternatives to Apple Pay, which are becoming more plentiful with each passing month. With Samsung and Google launching its own mobile payments services, Apple may have to work to satisfy banks in order to maintain its position in the mobile market.

Banks have no wish to provide Apple with significant fees on transactions being made

The crux of the issue between Apple and Australia’s major banks is $2 billion in interchange fees that the banks make every year. In the United States, it is estimated that Apple earns 15 cents for every $100 that is spent through Apple Pay. In Australia, however, banks are not willing to provide Apple with the cut of the fees that it is asking for. If this problem continues, Apple may have trouble establishing an effective foothold in the Australian market, where consumers are becoming very interested in mobile payments.

Australian banks may be ahead of the curve when it comes to mobile payments

Apple Australia mobile paymentsAccording to Ian Narev, CEO of the Commonwealth Bank of Australia, Apple Pay may face significant challenges in the country due to the existence of other mobile payments products. Narev suggests that many Australian banks are far ahead of others in the world when it comes to mobile payments services. As far as Apple Pay is concerned, there are other services in the country that have the same functionality as Apple’s service that have been available to consumers for 18 months or more.

Banks want Apple to help support the development of a new payments infrastructure

One of the major concerns that banks have concerning Apple Pay in Australia is that the Reserve Bank of Australia is forcing the country’s banks to help cover the cost of development a real-time payments infrastructure. Banks do not want Apple to benefit from the development of this infrastructure without investing into its establishment itself.