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Australia - Digital Economy - M-Banking and M-Payments

Attention: There is an updated edition available for this report.

Australians are one of the world's biggest users of online banking. EFT (electronic funds transfer) is very popular in Australia, and the BPAY consortium, owned by Australia's Big Four banks, is widely used to pay bills. However, the more consumer-driven developments such as m-banking too longer to emerge. After decades of procrastination, and ultimately pushed by development from companies such as Apple and Google, the era of m-payments has now taken off in a big way, with all four banks now facing breakneck growth in m-payments. Further expansions are expected in other sectors of m-banking as smartphones and tablets are quickly becoming customers' preferred way to interact with their banks. By 2015 it is expected that m-banking will overtake the online banking in the number of transactions done electronically.

Early m-payment trials started in the 1980s but PC online banking eventually became the first cab off the rank during the 1990s. BuddeComm assisted the Commonwealth Bank to set up the first national online banking system in the world, Telebank.

The arrival of the iPhone and since then the broader smartphone developments proved that the mobile operators' restrictive portal market could be bypassed and this produced an explosion in new mobile applications, to such an extent that the value of this market overtook the mobile portal market within two years; it is now the dominant m-commerce platform. Possibly within another year or two the open Android platform, together with an open API type access, will support more m-commerce and drive the development and uptake of m-payment facilities further.

Key developments:

Near Field Communications (NFC), person-to-person (P2P) payments Retail POS, contactless payments, interactive voice recognition (IVR).

Companies covered in this report include:

Commonwealth Bank, ANZ Bank, Westpac, National Australia Bank, Visa, MasterCard, mHITs, Hoyts, CabCharge, Taxis, Coles, Vodafone, Optus.

1. Synopsis
2. Market Overview, analysis and statistics
2.1 Introduction
2.2 M-banking
2.3 How quickly a market can change
2.4 Impacting issues
2.5 NFC next disruptive development
2.5.1 FLASHiZ
2.6 Trends and Developments in mobile payments 2012
2.7 Innovation remains a problem for the banks
3. Projects and Services
3.1 Commonwealth Bank of Australia (CBA)
3.1.1 CBA m-banking overview
3.1.2 Homebuyers applications
3.1.3 NetBank
3.1.4 Mobile payment app Kaching
3.1.5 iPhones as payment terminals
3.1.6 MyWealth
3.2 Australia and New Zealand Bank (ANZ)
3.2.1 M-banking update
3.2.2 goMoney
3.2.3 ANZ ePOS
3.2.4 Smartphone trial
3.3 Westpac
3.3.1 Westpac trials NFC
3.3.2 St George Bank
3.4 NAB
3.5 MasterCard
3.6 Visa's
3.7 PayPal
3.8 Samsung phones with Visa m-payments
3.9 mHITs
3.10 Contactless payments
3.10.1 Cabcharge
3.10.2 MasterCard PayPass
3.10.3 Visa payWave
3.10.4 Visa and Vodafone
3.10.5 Optus m-wallet trial
3.10.6 Eftpos
3.10.7 Users uptake sees speedier payments
3.11 Public transport payments
3.11.1 Cabcharge
3.11.2 TAXIS
3.11.3 goCatch
3.12 Telecoms online payment services
3.12.1 Optus
4. M-Commerce Developments
4.1 Background information
4.2 e-Insurance
4.3 SMS m-commerce
5. E-payment (separate report)
6. Global developments (separate report)
7. Premium rate SMS (PSMS) portals and applications (apps) (separate report)
8. Related reports
Table 1 Popularity of contactless payments using smartphones 2011 - 2012
Exhibit 1 How appealing are contactless payments 2011 - 2012
Exhibit 2 PayPal SMB Statistics 2013
Exhibit 3 Overview of Q-Jumper and Easy Canteen by mHITs

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