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GOOD MONTH | BAD MONTH
Good month for... Android Pay…Google
has launched Android Pay in Ireland, beating rival Apple Pay to market. The mobile payments service will initially be accepted at such retailers as Boots, Tesco, Eason, Spar, Mace, Londis and McDonalds. Apps such as Uber,
Adverts.ie and Deliveroo will also be plugged into the platform.
Apple…It looks like Australian banks, Commonwealth Bank of Australia, National Australia Bank and Westpac, will
lose their high profile mobile payments fight with Apple. Australia’s consumer watchdog has released a draft decision on the matter, indicating it would deny a request by the FIs, in conjunction with Bendigo and Adelaide Bank, to negotiate collectively with Apple over its Apple Pay offering.
“While the Australian Competition and Consumer Commission (ACCC) accepts that the opportunity for the banks to collectively negotiate and boycott would place them in a better bargaining position with Apple, the benefits are currently uncertain and may be limited,” ACCC Chairman Rod Sims said.
Currently, ANZ is the only one of Australia’s “big four” banks to offer Apple Pay. The ACCC will now receive further submissions on the issue before its final ruling.
Another month, another UK retail challenger bank announcement. Masthaven Bank has launched, offering
savings and lending products and backed by the billionaire Pears family. The online venture lays claim to being the UK’s only owner-managed challenger bank with a partnership model, which at launch sees 80% of employees becoming shareholders in the business.
It received a banking licence in April and has spent the subsequent months putting together a team approaching 100 people, prepping the technology underpinning the venture and road-testing its products with customers. It is being built on a new platform from a domestic vendor, DPR Consulting, who decided to create their own back office solution to add to their existing front-end offering when they failed to find a suitable core banking solution partner.
Jon Hall, Managing Director, Masthaven, says: “This marks the beginning of an exciting new chapter in our journey, and I am delighted to open the digital doors of this fantastic new challenger bank. We know everyone has different financial needs and that’s why we are providing products that our customers want, not just products that banks have always had available. Our unique blend of human digital banking combines intelligent people who really care, with technology to ensure both customers and brokers can interact with us in the way that suits them. We are proud to be part of the banking revolution – looking beyond convention to give individuals what they want from their bank.”
www.ibsintelligence.com © IBS Intelligence 2017
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