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.
Splitit has recently begun offering point-of-sale financing with monthly installment payments for debit card purchases, targeting more budget-conscious U.S. and European consumers as well as those without credit.
Citigroup Inc. is considering the idea, as well as other types of rewards for checking and savings accounts, to entice customers to sign up for its fledgling online bank, which it began to roll out nationwide earlier this year.
Visa Canada plans to offer real-time B2B and B2C disbursements via its Visa Direct card-to-card transfer service, competing head-on with Canada's Interac network and a product Mastercard launched in the country earlier this year.
Behavioral data about Hispanics’ use of digital payments is scarce, but the sector as a whole spends more than $1.4 trillion annually and its population growth rate significantly outpaces the mainstream, based on U.S. Census Bureau data.