#Mastercard
Payments app startup QPay raises $570k to draw millennial consumers away from the banks
The brains behind QPay, a payments app for uni students, have secured $570,000 in funding to challenge banks for the millennial market. Provided to QPay by high-profile investors including Sydney Angels and the Sydney Angels Sidecar Fund 2, the funding will enable the startup to release a student-targeted QPay MasterCard. According to QPay CTO and […]
Aussie businesses welcome easier access to money
The current interest rate in Australia is 1.5%. It has been that way for 16 months +, as the Australian central bank pursues an accommodative monetary policy to facilitate growth and recovery. Unfortunately, the tough times post global crisis meant that Australian banks and financial institutions were a lot more stringent about who they approved […]
‘Tap and go’ reforms would save merchants $290m a year, says small business ombudsman
A parliamentary committee recommendation for banks to reduce ‘tap and go’ transaction fees has attracted support from the Australian Small Business and Family Enterprise Ombudsman Kate Carnell. The House of Representatives Standing Committee on Economics recommended that banks let merchants send tap-and-go payments from debit cards through eftpos instead of credit, and that regulatory action be taken […]
Excessive payment surcharge ban now in effect; consumer advocate encourages no surcharges
All businesses across Australia are now banned from hitting customers with excessive surcharges for using certain types of EFTPOS, Mastercard, Visa and American Express cards to make payments. The excessive surcharging ban has applied to large businesses since September last year and now extends to all businesses that are either based in Australia or use […]
Small businesses urged to prepare now for forthcoming excessive payment surcharge ban
The Australian Competition & Consumer Commission (ACCC) is urging small business owners to prepare themselves for the excessive payment surcharge ban that will apply to all businesses from 1 September 2017. The new law limits the amount that a business can charge customers for use of payment methods such as EFTPOS (debit and prepaid), MasterCard […]
Credit card fee changes could devalue reward schemes used by SMEs, warns American Express
New card payment regulations, which commence mid-year, could impact how SMEs conduct business but a majority have a limited understanding of the changes, American Express has warned. Card payment regulations announced by the Reserve Bank of Australia last year are due to come into force from July and will cap the fee that Visa, MasterCard and bank-issued American Express […]
How POS software and apps are changing the way consumers shop and spend
Welcome to the digital age, where Point of Sale (POS) software and similar applications have become the new norm. Not surprisingly, these have changed the way consumers shop – in a radical way – over the past five years. It has also meant that the retailers, particularly small businesses, have had to adapt in order […]
Embrace cashless consumers to boost business and remain relevant, retailers told
As Australia transitions to being a cashless country, retailers are being urged to stay ahead of the curve and embrace new payment innovations. Those who don’t futureproof their businesses, but instead restrict the ability of consumers to make electronic payments, are not only missing out on sizeable business but risk becoming obsolete. Garry Duursma, Head, Market Development […]
Minimum EFTPOS spend finally dying out
Australia is turning its back on cash – almost 90 per cent of consumer payments now made online and through cards.
Rugby World Cup a winner for NZ businesses
The All Blacks took out the final of the Rugby World Cup (RWC) last night, but new research from MasterCard shows businesses in New Zealand were the real winners of the tournament.
Consumers embracing contactless payments
MasterCard registered over one million ‘Tap & Go’ contactless transactions in August, a sign that local consumers are responding to the new payment technology.
A look at the changing payments landscape
While Australians recognise the name, many don’t know how eftpos works and what happens when customers press ‘CHQ’, ‘SAV’ or ‘CR’ at the checkout.
The tips and traps of business credit cards
Business credit cards are a useful financial tool for both small and large businesses but there are many tips and traps to be aware of.