Australian banks join up for mobile P2P payments service
National Bank of Australia, Westpac and Commonwealth Bank have announced the release of a free person-to-person mobile payment app named Beem. The app will be available from the end of 2017 on Android and iOS, and will be open to customers at all banks, enabling payments without recipients' bank details being necessary. In future, the app could develop to include point-of-sale transactions. The technology was created after the banks removed Apple Pay as an option for customers after being told they could not collectively bargain with Apple. ANZ is not currently involved with Beem.

In the wake of their bitter battle with Apple, three of Australia's big banks have joined forces on a person-to-person mobile payments app.

Commonwealth Bank, National Bank of Australia and Westpac will launch the free Beem app for Android and iOS devices by the end of the year, according to the Sydney Morning Herald.



It will be open to customers of all banks, who can send money without entering the recipients' account details.



Although Beem will initially focus on instant P2P payments, it could eventually expand to point-of-sale transactions, bringing it into competition with the likes of Android Pay and Apple Pay.



The three banks are currently refusing to offer Apple Pay to their customers after being denied authorisation to collectively bargain with the US the giant.



ANZ, the only big Oz bank to offer Apple Pay, is not currently involved in Beem but may sign up in the future.