Skip to main content
state library of queensland
Blog
Business and entrepreneurs

Bank-backed instant payments app Beem It launches

By Administrator | 1 June 2018

First announced last October, payments app Beem It has launched this month with backing from Westpac, Commonwealth Bank, and NAB.

Essentially a local version of Venmo, the app allows users to send each payments and requests for payment – it’s not the first to try to be Australia’s Venmo, but the first to be backed by three of the big four banks. Beyond consumers, the app also allows businesses to accept payments.

The app evolved out of the banks first banding together last year to fight Apple to have the right to offer their own digital wallets to customers using iPhones rather than integrating with Apple Pay. The group of banks, which also included Bendigo and Adelaide Bank, was denied this authorisation by the Australian Competition and Consumer Commission (ACCC) last March.

Mark Wood, CEO of Beem It, said, “We’re excited to bring instant payment technology to all Australians, ensuring that everyone can pay, request and split money via their smartphones, regardless of who they bank with. Beem It uses real-time banking technology to transfer funds between banks and ensure money doesn’t get in the way of great life moments.” Read more

Gina Baldassare - Startup Daily - 28 May 2018

Comments

Your email address will not be published.

We welcome relevant, respectful comments.

Please read our Comment Policy before commenting.
We also welcome direct feedback via Contact Us.
You may also want to ask our librarians.