The mobile payments landscape in Australia has been evolving rapidly and is now forcing the banks to innovate
The mobile payments landscape in Australia has been evolving rapidly and is now forcing the banks to innovate. There are a number of listed vehicles on the ASX that have had a surge based on mobile payment technology. Mint Wireless (MNW) is an example of technology that enables businesses to collect mobile payments via there phones, the stock has had a 10X price increase since August. Clearly the banks have plenty to gain in this space are moving to protect their patch from new entrants, investing billions of dollars in technology in varied strategies. CBA, which spent more than $1 billion overhauling its core banking platform, recently unveiled a paytag, or sticker, customers attach to their smartphone to make payments. According to Westpac CIO, Clive Whincup, even opening an app is a barrier to transactions. Look for innovation to continue in this space. (VIEW LINK)
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