Questā€™s payments solution to launch Airpay TAP
Quest Payment Systems (Quest) a technology provider based in Melbourne, recently launched a software-only tap-on-phone payments solution. The solution called Airpay TAP allows merchants to accept contactless card payments. The payment solution allows for transactions to be executed on nearly any modern Android smartphone simply...
Westpac ditches 10% stake in Zip post signing deal with rival Afterpay
Aussie financial services company Westpac Banking Corporation sold its 10.7% stake in buy now, pay later fintech Zip Co Limited. The bank will be dumping 55.2 million shares, according to its statement to the Australian Securities Exchange (ASX). The offloaded 10.7% will net Westpac profit...
Afterpay becomes Westpacā€™s first digital bank-as-a-service customer
Westpac has signed on Afterpay as the debut user of its new bank-as-a-service platform which is cloud-based. Afterpay will use this platform to provide its Australian customers with savings accounts and cash flow tools. This will allow the company to understand its customersā€™ savings and...
Austrac gives clean chit to Afterpay following anti-money laundering inquiry
After concluding its investigation into the Australian BNPL service Afterpay, The Australian Transaction Reports and Analysis Centre (Austrac) has decided to not pursue any further regulatory action against it. In June 2019, the Austrac had requested the appointment of an external auditor into Australian operations...
Buy Now Pay Later Services: Everything You Need to Know
Undoubtedly, Buy Now Pay Later Services have changed the fintech and payments environment in Australia. A recent study by Roy Morgan found that till September 2019, over 1.95 million Australians have used at least 1 shop now pay later service, online or at stores, available...
Neobank Xinja further slashes interest rates on Stash accounts
In the middle of the COVID-19 pandemic, neobank Xinja is cutting the interest rate on its savings accounts once more. It is also slashing the amount of money its customers can earn interest on by $95,000. The new development which was enforced earlier this week,...
UnionPay International Unveils QR Code Payment for ANZ
After building a successful track record in developing and implementing advanced payment platforms worldwide, UnionPay International (UPI) has some big news. The company introduced a QR code payment technology for merchants in the Australia and New Zealand regions. As an international payment network serving the...
Aussie fintech Bravura Solutions acquires Delta Financial Systems
Fintech company Bravura Solutions has announced its plans to acquire UK-based software company Delta Financial Systems for a consideration of $41.5 million. The acquisition has been funded through its existing cash reserve and is expected to be earnings per share accretive in FY21. Why Bravura...
“IntegraPay Joins Forces with Global Fintech Payrix”
Introduction A world-leading payments technology company Payrix has announced its official launch in Australia and New Zealand via 100% acquisition of a Brisbane-based payments fintech firm, IntegraPay. The Australian acquisition is supposed to boost Payrix’ s efforts towards increasing revenue, removing barriers and accelerating the...
Fintech player Credit Clear plans ASX listing and $15 million IPO
Melbourne-based fintech Credit Clear has announced its plans to forge ahead with its plans for a $15 million initial public offering (IPO). The decision was taken as the novel Coronavirus pandemic fuels demand for technologies for the speedy recovery of unpaid bills. Credit Clearā€™s $15...
