Beem It, a startup owned by three of Australia’s largest banks, has launched a free real-time social payments app designed to run on older debit networks instead of the country's new faster payments platform.
Two factions that have taken on the card networks on separate fronts are combining their might in the latest effort to pressure Visa and Mastercard. Even so, there is not a lot of reason for the credit card brands to change their methods.
The cashierless Amazon Go store is barely more than an experiment — it's live in only one location in Seattle, with plans for a handful of stores to follow this year — but it has already sparked a race to put similar models in place.
With increasing numbers of alternative providers gaining licenses to provide payment services aimed specifically at businesses, Beck predicts the pressure on the banks to offer faster and cheaper services is going to substantially increase.