Will mobile banking be an Atom bomb or damp squib?

Will mobile banking be an Atom bomb or damp squib?

Publications
Article by: Steve Worthington Adjunct Professor, Swinburne University of Technology The launch of Atom Bank in the United Kingdom in 2016 as a new mobile bank regulated by the Bank of England (BoE) heralded the onslaught of a variety of mobile-only banks in that country. Given Australian bank customers are among the world’s fastest adopters of mobile banking, many observers consider Australia a prime target for this new type of disruption in traditional banking. However, in the past decades we have seen the launch of a number of internet-only banks we were told would take the place of bank branches and break the existing business models of the mainstream banks. In the UK ambitious online based banks were launched with names such as Egg(Prudential); Intelligent Finance (Halifax) and Smile (Co-operative Bank) all…
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Charging for credit and debit card use may become the norm under new rules

Charging for credit and debit card use may become the norm under new rules

Publications
Article by: Steve Worthington Adjunct Professor, Swinburne University of Technology New standards on how much businesses can surcharge their customers for credit or debit card purchases start in September. However, it’s not clear how the rules will be policed and whether this will lead to all businesses enforcing a surcharge, rather than just those who choose to. The Reserve Bank of Australia (RBA) has revised the regulations, aiming to limit the amount merchants can surcharge customers for paying by credit or debit cards. The new rules will initially apply to large merchants, defined as those employing over 50 staff, as these businesses are seen to be overcharging the most. Businesses have been able to add on surcharges to these type of purchases in Australia since January 2003. This was part of RBA…
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