Three of Australia’s ‘Big 4 Banks’ – Commonwealth Bank, Westpac and NAB – have joined forces to develop a smartphone payment app, set to rival Apple Pay.
Named ‘Beem’, the new app will be available for iOS and Android, and will enable consumers to make instant payments via their smartphone, plus the ability to split bills and request payments from other individuals.
Scheduled for launch later this year, Beem will be compatible with devices and banks across Australia.
Beem will have a daily funds transfer limit of $200 – $6000 per month, in addition to a receiving limit of $10,000 per month.
The three banks claim they are open to interest from other banks, retailers and industry players. They hope Beem will become an industry-wide payment platform.
The new payment system and mobile wallet comes as the Australian banks continue their battle with rival Apple, and its Apple Pay platform.
The trio, in addition to Bendigo and Adelaide Bank, lost their fight against Apple in March, following the Californian-based company’s decision to deny access to NFC chips used with Apple Pay.
The banks have also failed in their attempts to persuade the ACCC to permit them to collectively boycott Apple Pay.