“Financial inclusion” has been a major challenge for developing economies for many years. The reason it is such a hot topic, especially in Africa, is that many governments have identified it as one of the key enablers for sustainable economic growth. When too much business activity is conducted informally, outside traditional financial systems, governments lack the controls they need to effectively manage their economies and stimulate growth. In some cases, … Continue reading Financial inclusion: One of Africa’s greatest challenges
The global payments paradigm is changing. Worldwide, the dominant international card schemes battle against ever-increasing fraud, exposing their underwhelming response to the emergence of card-not present transactions. In the developing world, banks are looking to mobile technologies to capture payments by the unbanked and remove reliance on cash. And in the first world, disruptors are carving out pieces of the market to capitalise on new technologies, widening gaps in niche … Continue reading 5 benefits of redefining domestic payment schemes
If you plan to attend the Central Bank Payments Conference in Amsterdam 26–28 June 2017, be sure to connect with us for a preview of our new domestic payment platform and discover how it fosters cash-lite and inclusive economies, provides greater control over data sovereignty, reduces fraud, and lowers costs. Our Managing Director of Africa, Yoku Korsah will be coordinating the session on Cashless societies: will we see them? Is … Continue reading Bluechain will preview its next-gen domestic payment scheme at the Central Bank Payments Conference June 26-28
Mobile wallets or e-wallets first appeared on the digital payments scene more than two years ago from major players Apple Pay and Android Pay, with Samsung Pay entering the market soon after. On 15 March 2017, Karen Webster, CEO of PYMNTS.com presented statistics for mobile wallet adoption and usage, which can be found at http://www.pymnts.com/mobile-wallet-adoption-2017/. So, what does the data tell us? Is it just a matter of time before … Continue reading New survey reveals mobile wallet adoption is stagnant
I read an interesting article recently in The Age about credit card interchange fees and the government caps that come in from July 1: http://www.theage.com.au/small-business/finance/anz-dumps-amex-as-credit-card-fees-get-crunched-20170313-guxcxj.html#comments. Perhaps even more interesting is that the readers’ comments pick up on problems with the existing credit card schemes with greater clarity of purpose than the schemes themselves. The schemes might not get it, but Bluechain certainly knows what you are talking about! One industry insider comments on … Continue reading Credit card fees get crunched
On Friday 30 March 2017, the Australian Competition and Consumer Commission (ACCC) announced that the country’s largest banks cannot collectively bargain with Apple over access to near field communication (NFC) technology on the iPhone, which would allow the banks to compete with Apple Pay. Rather than enhancing competition, this decision limits Australian consumers and impairs the banks’ profit margins as they now must share interchange revenue with Apple. Additionally, the banks … Continue reading Australian banks denied access to NFC on iPhone. Now what?
Today’s mobile phones and smart phones are so much more than just a telephone. They serve as televisions, browsers, in-boxes and digital wallets. Instead of paying with cash, cheque, or credit cards, today’s consumers can use a mobile or smart phone to pay for a wide range of services and goods. While mobile payments have been slow to catch-on in some markets, global momentum is growing. BI Intelligence reported that … Continue reading Contactless payments: Choosing a wireless technology for next-gen payments
I recently attended the Mobile World Congress in Barcelona. This conference provides attendees with an in-depth analysis of the topics and trends that are shaping the mobile industry in 2017. It also provides the opportunity for the giants and dwarves of the industry to showcase their latest innovations. In past years, there has been a strong focus on infrastructure, with an emphasis on hardware. More and more it is migrating … Continue reading Mobile payments: Have the card schemes stopped innovating?
Bluechain is pleased to announce we have received the 2017 Softech INTL Award for Excellence in Secure Payment Technology. In addition, our Chief Technology Officer (CTO) and Bluechain inventor, Craig Glendenning, has been named Australia’s Most Innovative CTO. It’s an honour to be recognized by the international financial services and technology communities for Bluechain’s innovative next-gen payment platform that raises the standard for addressing card fraud for banks, lowering costs … Continue reading Softech recognizes Bluechain with awards for Most Innovative CTO and Excellence in Secure Payment Technology
While you may not have heard of Bluechain yet, we’ve been busy talking to and sharing our vision with the payments industry. In the past 60 days, I’ve logged close to 100,000 miles across four continents and have talked with dozens of tier I and II banks, central banks, regulators, payment service providers and merchants to get a pulse on the challenges that the industry faces and to share the … Continue reading Around the world in 60 days: Payment challenges are universal
By Kurt A Mueffelmann, Executive Vice President Earlier this week, a group of Australian banks applying to the Australian Competition and Consumer Commission (ACCC) for permission to jointly negotiate over access to Apple Pay and the Near Field Communication (NFC) function on iPhones, announced they have narrowed the application to solely focus on open access to the NFC function. According to the release, the banks are arguing that, “0pen access … Continue reading Fighting for open access to NFC on the iPhone
In some countries, in-store payments are still dominated by their domestic card schemes, like Interac Debit in Canada and JCB in Japan. When compared with international card schemes, domestic card schemes typically offer significant cost advantages to consumers and merchants and are an attractive revenue generator for the local banking industry. Sovereign control of a low-fee payment system also strengthens the position of national regulators in setting market controls. But … Continue reading Are the domestic card schemes doomed?
Having successfully completed the phase-2 trial objectives (creation of bank account eCards and nearby user-to-user payments), the MyState-Bluechain trial has now entered the next phase. In Phase 3, we will be testing the new merchant point-of-sale (POS) app and relaxing some of the restrictions on which cards can be linked to eCards. An expanded range of Bluechain and non-Bluechain payment options will also be available with the new POS solution, … Continue reading MyState trial enters phase 3
Traditional methods of payment have reached or are rapidly approaching the end of their useful lives. Users of payment systems are increasingly tech-savvy and ready to embrace new payments technologies. But with that savviness comes an increased expectation of simplicity, security, speed, convenience and lower cost. A new generation of payment technologies is sweeping through the industry, which have the potential to replace (not just disrupt) the current payments ecosystem. … Continue reading Another bandaid or is it time for plastic surgery?
Following close on the heels of the Sibos conference, Money 20/20 in Las Vegas gave us the opportunity to continue conversations we started at Sibos and to start new conversations with numerous potential partners attending the event. Money 20/20 is the world’s largest payments and financial services innovation event, featuring more than ten thousand attendees, a thousand CEOs, and over five hundred speakers from seventy-five countries. While many of the … Continue reading Money 20/20 post-conference wrap
Sibos, held this year in Geneva from 26-29 September, is the annual conference, exhibition and networking event organised by SWIFT for the financial industry. Sibos is recognized as the premier business forum for the global financial community to debate and collaborate in the areas of payments, securities, cash management and trade. Exhibitors at Sibos are limited to financial institutions, SWIFT partners, or other relevant industry players with an established relationship … Continue reading Sibos post-conference wrap
You can find us on booth 1351 at Money 20/20 at The Venetian, Las Vegas on 23-26 October. CEO Mike McAuley and CTO Craig Glendenning will be happy to give you a quick rundown on how Bluechain can transform your payments business. You can also check out the latest Bluechain app and merchant solutions.
MyState trial participants were surveyed at the end of phase 1 to gain feedback on aspects of functionality, processing speed, and usability. All trial participants surveyed reported that the Bluechain app was easy to use, and many reported that Bluechain was now their preferred method of payment. Although slower than usual speeds were experienced on first-time purchases (additional time is required to validate the merchant’s certificate), 70% of users reported … Continue reading MyState trial ticking boxes
You may have seen Bluechain’s name mentioned in association with the consortium of banks that applied to the ACCC “to engage in limited collective negotiation with providers of third-party mobile wallet services on conditions relating to competition, best practice standards, and efficiency and transparency.” The news was picked up by AppleInsider and others. The submission is about ensuring that the potential of mobile wallets and mobile payments is realised in … Continue reading Bluechain supports banks’ submission to ACCC
Having successfully met the phase-1 objectives (onboarding customers and testing the payment server), next week, the MyState trial will move into phase 2. In phase 2, two additional functions will be made available from the app: attach a bank account to an eCard, and request a payment from another, nearby user. Also, due to the reliability of the app and payment server demonstrated in phase 1, all restrictions on when … Continue reading MyState trial progresses to phase 2
At the end of July, users began downloading the Bluechain phone app and setting up their eCards in preparation for the start of the MyState trial. The first payments commenced on Friday 29 July at Little Shoes Espresso in Hobart. Over the first week of August, customers used a variety of Apple and Android phones to connect with the Bluechain merchant’s iPad. All transactions completed successfully and were within the target end-to-end processing times. … Continue reading MyState trial off to a flying start
The first trial of the Bluechain payment system and app kicks off this month in Tasmania. The trial will be conducted by Bluechain partner bank MyState. This is the first live trial involving real transactions on customer and merchant accounts. The trial will initially be restricted to peer-to-peer transactions between a single MyState merchant and MyState staff acting as customers. Once the system has been validated in the limited trial, … Continue reading MyState trial set for July
Online transactions volumes are increasing, but at the same time fraudulent activity is becoming more sophisticated and more prevalent, growing at a rate of 15% from $400 million in Australia in 2014. It’s no wonder that consumers are wary when they are asked to provide their card details online. Significantly for online merchants, highly engaged consumers are abandoning their carts 70% of the time on PC devices and 97% of … Continue reading Putting trust into e-commerce purchases
Australia can be a difficult place to launch a tech start-up. StartupSmart recently reported an alarming trend where young Australian tech companies are deciding to go public instead of taking on the difficult task of hunting for private funding. Fintech start-up Bluechain has bucked this trend by securing angel and corporate investment to the tune of $4 million in the last 6 months. According to Queensland’s ClipChamp founder Alexander Dreiling, … Continue reading Bluechain funding exceeds expectations
Credit card fraud places a major cost burden on the payments industry and, hence the buying public. In Australia, fraud payouts and investigations cost the banks over $400m. Worldwide, it’s over $5 billion. So, given today’s secure technologies, why is card fraud still tolerated? The more cynical might say that they haven’t fixed it because they can pass on the cost to their customers (you all know who “they” are). … Continue reading Why haven’t they fixed card fraud?
When a customer presents a credit or debit card for payment, the merchant has no idea what it will cost to process that payment. With the proliferation of card types, rewards programs and new payment technologies like PayWave, merchants have less visibility of their cost of sales than ever before. Consumers are incentivised to use the cards that provide the most benefits and quick and convenient “contactless” transactions, but these … Continue reading Hiding the cost of payments just hurts retailers
CEO Mike McAuley and CTO Craig Glendenning will be giving short presentations on Bluechain at the Total Retail & Payments Expo at the Melbourne Convention and Exhibition Centre on 11-12 May. You can catch Craig’s presentation in the Card & Payments Innovation theatre at 1:30 pm on Wednesday 11 May, and Mike’s presentation in the Retail Technology theatre at 1:00 pm on Thursday 12 May. Craig will be talking about why the current … Continue reading Catch Craig and Mike at the Total Retail & Payments Expo
As of 21st April, 1pay Corporation Pty Ltd became Bluechain Pty Ltd. The new name allows us to operate in every geography where we hope to do business in the future. We have launched a new website (bluechain.com) and logo which are used for all social media channels and have new email addresses. The product is now also called Bluechain. Apart from meeting our commercial and legal requirements, we just … Continue reading We’ve changed our name
You can find us on stand 12 at the Total Retail and Payments Expo at the Melbourne Convention and Exhibition Centre on 11-12 May. Admission to the exhibition is free. CEO Mike McAuley and CTO Craig Glendenning will be on the stand and would love to see you there. They’ll also be giving short presentations on Bluechain in the adjacent theatres. You can catch Craig’s pesentation on “Bluechain’s fourth-generation payment system sets … Continue reading Visit us at the Payments and Retail Tech Expo
I’m very pleased to announce that Rod Bernabe has accepted the position of General Manager and Product Development Manager with Bluechain. Rod has worked for several international software companies as product manager over the past 20 years. As product development manager, Rod is responsible for managing the software development teams working on the app, servers and plug-ins. As general manager, Rod is also responsible for the day-to-day operations of the … Continue reading Rod Bernabe joins Bluechain