Many Australians believe their smartphone might one day replace their contactless cards. Research by Lonergan Research, on behalf of CBA, found that 73% of Australians believed their smartphone would replace their wallet by 2021. Australian financial institutions have, to date, met the demand for mobile payments through the use of NFC-enabled stickers and cases. The February 2014 announcement by VISA and MasterCard on “host card emulation”, where the secure element for a contactless payment can live in the cloud rather than in the phone, has reignited global interest in use of mobiles at point-of-sale, with a local trial being announced in Australia in March 2014. With consumer sentiment and facilitating technology shifting in its favour, what are the prospects for wide-scale embrace of mobile contactless payments in Australia?
The Australian Payments Council is inviting organisations with an interest in payments to be part of its Challenge Design Workshop at the Spark Festival Sydney on Friday, 28 October 2016.
The workshop will focus on designing a range of challenges to be used in a hackathon early next year. It will give a range of organisations – large and small – a chance to discuss the wider benefits of making data available.
Next year’s hackathon will demonstrate that sharing data can lead to creation of new customer-facing services.
Using data provided by a number of financial institutions, a retailer, and the payment schemes – this hackathon will help inform the industry’s approach to APIs.
Prizes will be awarded to top teams, as judged by the Council and major FinTech representatives.
The Spark Festival
From the 22nd to the 30th of October, the Sydney start-up ecosystem comes alive with a nine-day celebration of innovation and the culture of entrepreneurship. This diverse and inclusive program of events, many of them free, showcases the creativity and energy across the exciting start-up sector.
With over 90 events and activities spanning 14 different tracks, the Spark Festival program invites you to take a look at what’s happening across the entire start-up ecosystem. Click here for more info.