Digital bank 86 400 announces new debit card in beta testing
The fully functional debit card and app are currently being tested in Australia and overseas ahead of their public debut in early 2019.
Digital bank 86 400, which announced its plans to launch an Australian neobank to be a real alternative to the Big Four back in June, has today announced it has a debit card and app live in testing. The banking startup is waiting on its full banking licence from the regulator before it can officially launch any products to the market, which it anticipates to happen early 2019.
In the meantime while waiting on its licence 86 400 has been busy developing its app and debit card which are both fully functional and in beta testing in Australia and overseas. The 86 400 Visa Debit card comes with Apple Pay, Google Pay and Samsung Pay. 86 400 also revealed its core banking platform has been operational for a couple of months, including all payment rails and real-time payment functionality, and has already got money flowing through the system.
The 86 400 mobile app promises to be unlike any existing banking app in the market today. It will leverage the customer's data to provide a seamless, always-on banking solution that seeks to better the lives of its customers. The example often shared by 86 400 is a customer that has both a savings account and credit card with the bank. The customer might owe $5,000 on their credit card and be paying 20% interest on the money owed, while at the same time have $5,000 sitting in their savings account. The app will recognise this and suggest the customer uses that $5,000 sitting in savings to instead pay off their credit card.
CEO of 86 400 Robert Bell said, "It's an exciting time to be at 86 400, but we can't rest on 2018's successes. We've still got work to do to make sure we deliver on what we've promised and make a real impact and drive genuine change in the Australian banking industry. In early 2019, we'll have our bank in the market and will begin showing Australians a different banking experience."
86 400 is competing with a number of other digital neobanks launching in Australia. Rival neobank Volt is so far the only digital banking startup to be granted a restricted banking licence from APRA, though it is yet to launch any products in the market. Xinja is also hoping to receive its banking licence from the regulator in early 2019 and has already successfully launched its prepaid spending card and app to customers. Up bank, backed by Bendigo and Adelaide bank, launched its mobile app, transaction account with linked debit card and savings account to the market in October.
86 400 has opened its waitlist on its website for Australians who want to register their interest in joining the bank when it does launch its debit card and app to the market next year.