CBA, Westpac and NAB collab to create new mobile payment app
The new app is called Beem and will allow cardholders to make instant payments no matter who they bank with.
Three of Australia’s biggest banks are putting their differences aside to collaborate on the next generation of mobile payments and wallets in Australia. The first initiative in the venture will involve the development of a payment app called Beem, which will allow instant payments for all Australians including small businesses.
Beem will be available to all Australian cardholders, even if they’re not banking with Commonwealth Bank, Westpac or NAB. Considering that most digital wallets, such as Apple Pay or Samsung Pay, are restricted to particular providers, this will be one of few industry-wide payment solutions available Down Under. As well as instant payments, cardholders can also use Beem to request payment if they need to split a bill or request a payment from someone.
The app will initially have a spending limit of $200 per day (or $6,000 per month) with a monthly receiving limit of $10,000. It will be available to all bank customers and small businesses that hold a global scheme debit card that has been issued by an Australian Authorised Deposit-taking Institution.
The collaborators behind Beem aim to expand payment options and offer a more convenient alternative for Aussies. It also aims to solve pain points for both consumers and small businesses.
“Think about all the times you’ve gone out for dinner and split the bill – this app will make it easy for Australians to pay their family and friends instantly. Or when you go to the local market and need to pay the butcher, this means instant payment through your phone,” said NAB CEO, Antony Cahill.
The Beem app will work on both iOS and Android smartphones and will be compatible across different devices. Beem will also use bank-level security and encrypted account information to ensure that every transaction is authenticated and subject to real-time fraud monitoring.
Commonwealth Bank will conduct user testing on a Beem prototype before the app is launched across iOS and Android smartphones this year. In the meantime, CBA, NAB and Westpac are encouraging other banks and industry players to contribute to the final product.
Later versions of the app and future payment solutions will also be made possible by the New Payments Platform (NPP), which is launching in Australia in January 2018. The NPP will also launch innovations such as near to real-time payments and a PayID to allow you to send money without the need to enter account numbers and BSBs.