New Payments Platform

The move to a cashless society isn't just a possibility, it's well underway

Retrieved on: 
Tuesday, October 17, 2023

The move towards a cashless society started 50 years ago with the introduction of the Bankcard and was driven by technological advancements.

Key Points: 
  • The move towards a cashless society started 50 years ago with the introduction of the Bankcard and was driven by technological advancements.
  • But it really took off with the COVID pandemic when consumers and retailers were reluctant to handle potentially infected notes and coins.
  • This raises the question, is a cashless society inevitable?

The phenomenal growth of the digital payments

    • A recent report by the Australian Banking Association paints a vivid picture of the digital payment industry’s explosive expansion.
    • The use of digital wallet payments on smartphones and watches has soared from $746 million in 2018 to over $93 billion in 2022.
    • Cash only accounts for 13% of consumer payments in Australia as of the end of 2022, a stark contrast to 70% in 2007.
    • The astonishing speed at which Australians have embraced digital payments places the country among the top users of cashless payments globally, surpassing the United States and European countries.

Are government regulations necessary?

    • With increasing concern over cyber attacks, the regulations will help reduce the risk of fraudulent activities and money laundering and help identify suspicious transactions, maintaining the integrity of the financial system.
    • Also, regulation will promote fair competition and market stability by levelling the playing field and by preventing monopolies.
    • Consequently, regulations were introduced to hold card providers to a standard of responsible behaviour.
    • The new regulations will help Australians navigate this transition more confidently.

'My brother will pick it up, what's your PayID?' How to avoid this scam when selling stuff online

Retrieved on: 
Tuesday, August 22, 2023

The old one is still perfectly good to sit on, so you jump online to try and get a little bit of cash for it.

Key Points: 
  • The old one is still perfectly good to sit on, so you jump online to try and get a little bit of cash for it.
  • Every day, thousands of Australians list their unwanted things on online trading sites such as Facebook Marketplace and Gumtree.
  • The PayID scam is a popular example of this, with Australians losing more than $260,000 through this specific approach in 2022.

What is PayID?

    • Importantly, PayID reduces the need to remember bank account and BSB numbers, and overcomes the issue when these are entered incorrectly.
    • To set up a PayID, consumers can use their phone number, email address or ABN as a form of identification.
    • The bank will verify the person owns this information, and then link the person’s bank account to this unique identifier.

How does the PayID scam work?

    • The offender will then urge you to accept payment through PayID.
    • Once you’ve shared your PayID (usually phone number or email address) and the scammer has this information, a few things may happen.
    • The offender will say they have made the payment, but it cannot be processed because you don’t have a suitable PayID account.
    • As part of this, offenders will create text messages and emails that appear to be from PayID, confirming payments or advising of problems.

How do I avoid a PayID scam?


    There are several warning signs to look out for when selling goods online:

What to do if you have been scammed?

    • You can report any financial losses to ReportCyber, an online police reporting portal for cyber incidents.
    • In 2023 so far, Australians have reported more than $32 million lost to buying and selling schemes, including the PayID scam.
    • Stay vigilant when buying or selling goods online, and consult the Scamwatch website for details on other types of scams.

Almost no one uses Bitcoin as currency, new data proves. It's actually more like gambling

Retrieved on: 
Friday, June 23, 2023

Bitcoin boosters like to claim Bitcoin, and other cryptocurrencies, are becoming mainstream.

Key Points: 
  • Bitcoin boosters like to claim Bitcoin, and other cryptocurrencies, are becoming mainstream.
  • The only way the average punter will profit from crypto is to sell it for more than they bought it.
  • But the hard data on Bitcoin use shows it is rarely bought for the purpose it ostensibly exists: to buy things.

Little use for payments

    • A purely peer-to-peer version of electronic cash would allow online
      payments to be sent directly from one party to another without going through a
      financial institution.
    • As the following graph shows, cryptocurrency is making almost no impression as a payments instrument, being used by no more than 2% of adults.

The problem of price volatility

    • A shop or cafe with price labels or a blackboard list of their prices set in Bitcoin could be having to change them every hour.
    • Such volatility negates cryptocurrency’s value as a currency.
    • Cryptocurrency’s volatile ways There have been attempts to solve this problem with so-called “stablecoins”.

Storing value, hedging against inflation

    • The major attraction – one endorsed by mainstream financial publications – is as a store of value, particularly in times of inflation, because Bitcoin has a hard cap on the number of coins that will ever be “mined”.
    • Therefore, because of an increase in demand, the value will rise which might keep up with the market and prevent inflation in the long run.
    • Therefore, because of an increase in demand, the value will rise which might keep up with the market and prevent inflation in the long run.

Speculation or gambling?

    • If its price were to stabilise somehow, those holding it as a speculative punt would soon sell it, which would drive down the price.
    • But most people buying Bitcoin essentially as a speculative token, hoping its price will go up, are likely to be disappointed.
    • A BIS study has found the majority of Bitcoin buyers globally between August 2015 and December 2022 have made losses.
    • In the US, the proportion of adults with internet access holding cryptocurrencies fell from 11% in 2021 to 8% in 2022.

New data proves almost no one uses Bitcoin as currency. It's actually more like gambling

Retrieved on: 
Thursday, June 22, 2023

Bitcoin boosters like to claim Bitcoin, and other cryptocurrencies, are becoming mainstream.

Key Points: 
  • Bitcoin boosters like to claim Bitcoin, and other cryptocurrencies, are becoming mainstream.
  • The only way the average punter will profit from crypto is to sell it for more than they bought it.
  • But the hard data on Bitcoin use shows it is rarely bought for the purpose it ostensibly exists: to buy things.

Little use for payments

    • A purely peer-to-peer version of electronic cash would allow online
      payments to be sent directly from one party to another without going through a
      financial institution.
    • As the following graph shows, cryptocurrency is making almost no impression as a payments instrument, being used by no more than 2% of adults.

The problem of price volatility

    • A shop or cafe with price labels or a blackboard list of their prices set in Bitcoin could be having to change them every hour.
    • Such volatility negates cryptocurrency’s value as a currency.
    • Cryptocurrency’s volatile ways There have been attempts to solve this problem with so-called “stablecoins”.

Storing value, hedging against inflation

    • The major attraction – one endorsed by mainstream financial publications – is as a store of value, particularly in times of inflation, because Bitcoin has a hard cap on the number of coins that will ever be “mined”.
    • Therefore, because of an increase in demand, the value will rise which might keep up with the market and prevent inflation in the long run.
    • Therefore, because of an increase in demand, the value will rise which might keep up with the market and prevent inflation in the long run.

Speculation or gambling?

    • If its price were to stabilise somehow, those holding it as a speculative punt would soon sell it, which would drive down the price.
    • But most people buying Bitcoin essentially as a speculative token, hoping its price will go up, are likely to be disappointed.
    • A BIS study has found the majority of Bitcoin buyers globally between August 2015 and December 2022 have made losses.
    • In the US, the proportion of adults with internet access holding cryptocurrencies fell from 11% in 2021 to 8% in 2022.

Global Real-Time Payment Market Analysis Report 2023: Real-time Payments are Steadily Gaining Momentum as a Preferred Payment System - ResearchAndMarkets.com

Retrieved on: 
Monday, May 29, 2023

The "Global Real-Time Payment Market 2023" report has been added to ResearchAndMarkets.com's offering.

Key Points: 
  • The "Global Real-Time Payment Market 2023" report has been added to ResearchAndMarkets.com's offering.
  • Real-time payment systems offer benefits in terms of cost reductions and payment success rates to consumers and businesses alike.
  • Large firms are also modernizing their payment ecosystem to further streamline instant transfers, thus as of July 2022, close to three-quarters of firms globally using real-time payment system regarded their capabilities as highly important.
  • To encourage the growth of alternative payment methods such as real-time payments, the ECB launched the TARGET Instant Payment Settlement Scheme and later the SEPA Instant.

Asia-Pacific Real-Time Payment Market Report 2023: Real-Time Payments Gradually Gaining Popularity as a Preferred Payment Method - ResearchAndMarkets.com

Retrieved on: 
Tuesday, April 11, 2023

Thus, the shift of buyers away from the conventional methods of payment led to the growth of digitalized ways of payment such as real-time payments, BNPL, and one-click payments.

Key Points: 
  • Thus, the shift of buyers away from the conventional methods of payment led to the growth of digitalized ways of payment such as real-time payments, BNPL, and one-click payments.
  • Real-time payments are not a completely new concept and came into existence with the launch of Zengin, the real-time payment system in Japan.
  • The successful launch of the Japanese real-time payment method prompted countries such as India, Singapore, Thailand, Australia, among others to implement their own instant payment systems.
  • As real-time payment is picking up pace in Asia-Pacific, nations such as Sri Lanka, Malaysia, and Philippines have advanced in the development of their own real-time payment systems
    With the growth of real-time payments as a preferred payment method, Malaysia, Sri Lanka, and Philippines also made their presence felt in the real-time payment ecosystem.

Asia-Pacific Real-Time Payment Market Report 2023: Featuring Dana, DuitNow, JustPay, LankaQR, LinkAja, Ottocash, PayNet, PayNow, PayTo & ShopeePay

Retrieved on: 
Tuesday, April 11, 2023

DUBLIN, April 11, 2023 /PRNewswire/ -- The "Asia-Pacific Real-Time Payment Market 2023" report has been added to ResearchAndMarkets.com's offering.

Key Points: 
  • DUBLIN, April 11, 2023 /PRNewswire/ -- The "Asia-Pacific Real-Time Payment Market 2023" report has been added to ResearchAndMarkets.com's offering.
  • Real-time payments are not a completely new concept and came into existence with the launch of Zengin, the real-time payment system in Japan.
  • The successful launch of the Japanese real-time payment method prompted countries such as India, Singapore, Thailand, Australia, among others to implement their own instant payment systems.
  • While UPI in India is the front-runner in terms of adoption and usage of real-time payment systems, other countries in Asia-Pacific are also catching up.

Banxa and BitMart Partner for Seamless Fiat-to-Crypto Onboarding

Retrieved on: 
Wednesday, March 22, 2023

BANXA Holdings Inc. (TSXV:BNXA) (OTCQX:BNXAF) (FSE:AC00) ("Banxa'' or "The Company"), the leading on-and-off ramp solution for Web3, today announced a strategic partnership with BitMart, the premium global digital asset exchange.

Key Points: 
  • BANXA Holdings Inc. (TSXV:BNXA) (OTCQX:BNXAF) (FSE:AC00) ("Banxa'' or "The Company"), the leading on-and-off ramp solution for Web3, today announced a strategic partnership with BitMart, the premium global digital asset exchange.
  • BitMart’s user-friendly platform is well-suited for traders of all levels, from beginners to experienced users.
  • Local Payments: Banxa will aid BitMart in onboarding global users with an extensive network of local payment solutions, designed to increase crypto adoption worldwide and result in conversion rates up to three times higher than credit card-only solutions.
  • “With an extensive network of compliant local payment solutions, Banxa facilitates a smooth and simple experience for our users.

Nuvei announces next step in its global expansion plan with Australia launch

Retrieved on: 
Sunday, March 5, 2023

Australian businesses operating locally and globally will benefit from Nuvei’s cutting-edge, agile technology that’s built to accelerate their growth.

Key Points: 
  • Australian businesses operating locally and globally will benefit from Nuvei’s cutting-edge, agile technology that’s built to accelerate their growth.
  • Nuvei’s payments platform enables businesses to optimize operating costs and boost conversion rates by maximizing payments acceptance, minimizing risk, and enhancing the consumer payment experience.
  • Launching in Australia is the latest initiative from Nuvei as it continues to grow its presence and capabilities in the Asia-Pacific (APAC) region, following its successful launch in Singapore and Hong Kong in 2022.
  • Internet penetration in Australia is 91% [2] and over 90% of Australian internet users make online purchases.

Banxa and MetaMask Partner to Make it Easier to Access Web3

Retrieved on: 
Tuesday, February 7, 2023

BANXA Holdings Inc. (TSXV:BNXA) (OTCQX:BNXAF) (FSE:AC00) ("Banxa'' or "The Company"), the leading on-and-off ramp solution for Web3, today announced an integration with ConsenSys’ leading self-custody Web3 wallet, MetaMask , to simplify on-and-off ramping fiat to crypto.

Key Points: 
  • BANXA Holdings Inc. (TSXV:BNXA) (OTCQX:BNXAF) (FSE:AC00) ("Banxa'' or "The Company"), the leading on-and-off ramp solution for Web3, today announced an integration with ConsenSys’ leading self-custody Web3 wallet, MetaMask , to simplify on-and-off ramping fiat to crypto.
  • In addition, MetaMask users in the Netherlands, Australia, South Africa, and Turkey gain new access to Banxa’s crypto on-ramps through local banking infrastructure.
  • Simplified Onboarding: Banxa joins a number of existing solutions that make it easy for users, especially crypto novices, to access and store funds on MetaMask.
  • “MetaMask is one of the most reputable and trusted wallets in the space,” said Holger Arians, CEO of Banxa.