March
Westpac and NAB back CBA, call for more scrutiny of Apple in payments
Authorities in the US allege the tech giant has locked the iPhone to build a monopoly. In Australia, banks say its digital wallet prevents competition.
- Jonathan Shapiro and James Eyers
When it comes to how we pay, Apple is coming for the big banks
Commonwealth Bank boss Matt Comyn says policymakers need to be alert to the dangers of ceding important industries to global tech platforms without scrutiny.
- James Eyers
Buy now, pay later is pulling off the improbable – a comeback
Block and Zip valuations are rising as peak interest rates pass. Klarna is considering listing in the United States. Is the sector’s winter finally over?
- James Eyers
February
Nick Molnar backs Block’s bid to reshape US banking
The billionaire Afterpay co-founder Nick Molnar tells AFR Weekend he’s been working with Jack Dorsey on Cash App, and they’re ready to tackle US banks.
- James Eyers
A bank in your pocket: Macquarie and CBA vie for app supremacy
Until now, the only reason to switch banks was to get a better deal. The rivals are changing that with digital investment on a scale the industry has never seen.
- James Eyers
NAB’s new boss Andrew Irvine to lift tech spending: analysts
As its customer remediation rolls off, NAB will have capacity to direct hundreds of millions more dollars to improving its IT systems under its new CEO.
- James Eyers
What this small fintech deal says about the big shifts in data sharing
Few have heard of Fat Zebra and Adatree. But the acquisition points to emerging data rights, as screen scraping teeters and Apple enters open banking in the UK.
- James Eyers
January
Apple concedes to European banks amid concern on new RBA payment power
Apple said it would allow European banks to let customers make tap and go payments from their iPhone apps outside Apple Pay, emboldening local lenders.
- James Eyers
Zip shares jump on path to profitability
Zip shares opened 15 per cent higher on Monday morning, in a sector still weighted down by negative sentiment.
- James Eyers
SEC’s bitcoin decision could change markets for years to come
This week will go down as one of the most dramatic in the recent history of financial markets regulation. Now it’s a case of buyer beware.
- James Eyers
December 2023
This billionaire started his company to avoid paying bank fees
Kristo Käärmann found a cheap way to send British pounds to his native Estonia. His solution now has 16 million global users.
- James Eyers
Bullock says banks should bear more costs of moving banknotes
The RBA governor’s comments come amid negotiations with cash transport firm Armaguard, which has warned it needs an injection of funds to operate.
- Updated
- James Eyers
November 2023
CBA’s Yello rewards program takes leaf out of Afterpay’s playbook
The bank’s new rewards program, being used by 8 million users of its banking app, is driving new sales to a host of large retailers.
- James Eyers
- Analysis
- Disruption
Musk banks on turning X into a financial platform
“If it involves money, it’ll be on our platform,” Musk told X staff last week. But a move into financial services will involve serious regulation.
- James Eyers
October 2023
New RBA powers to regulate Apple, Google payments
The Albanese government will release draft legislation on Wednesday to allow the RBA to regulate Apple Pay and Google Pay like other payment services.
- James Eyers
Afterpay’s Block begins lay-offs after stock crashes
Recent moves in Block’s share price has seen the company’s total market cap fall to less than what it paid for Afterpay two years ago.
- Mark Di Stefano
August 2023
Apple says banks are whingeing about the cost of Apple Pay
Apple’s Kyle Andeer told a parliamentary committee the cost of Apple Pay for banks was “set very low and remains very low”.
- James Eyers
RBA trial finds eAUD launch ‘some years away’
A report on 14 pilot CBDC projects concluded an eAUD may lift the “efficiency and resilience” of the payment system but many questions remain unanswered.
- James Eyers
Apple returns fire on CBA, defends payment service from new regulation
In submissions to Treasury, the tech giant said its platform was nothing more than a digital reproduction of a physical wallet.
- James Eyers
July 2023
Give Reserve Bank power over Google and Apple payments, CBA urges
Under current rules, the central bank cannot demand data from technology firms, subject them to price regulation, or impose rules relating to smartphones access.
- James Eyers