The banks decided to sell Beem It to Australian payments provider eftpos for an undisclosed sum. In November 2020, the app’s future was ultimately settled. Right after the lawsuit was dropped, a CBA spokesperson came out and publicly announced that Beem It’s owners were “open to exploring growth options for the business including consolidation.” However, after filing the court case on May 26th, she dropped it just two months later in July. Some of those board members were working on competing products. She alleged that Matt Comyn, the chief executive of Commonwealth Bank, leaked her identity after she filed a whistleblower complaint against her former employer Beem It.Ĭlark felt that there was a conflict of interest regarding the CBA’s representatives on Beem It’s board. In early February 2020, Beem It sacked CEO Angela Clark. Unfortunately, things would soon change for the worse. Under her leadership, Beem It introduced a variety of new features and products such as its business account, the ability to split bills, or scheduled payments, among others. Clark had joined CBA back in 2017 and previously led the digital division of the Australian Broadcasting Corporation (ABC). Later in the year, the service announced that it had appointed Angela Clark as its newest CEO. An AU$5 sign-up bonus was granted to any new users to incentivize them to join. The most prominent player in the space was (and still is) Afterpay, which was sold to Square (now BLOK) for US$29 billion in August 2021.Īfter months of working on the product, the three banks finally released Beem It in May 2018. Lastly, consumers in Australia began to increasingly use Buy Now, Pay Later (BNPL) providers to conduct their purchases. One of the major players utilizing NPP became Osko, which is owned by BPay, which in turn is owned by Australia’s big four banks. The trio, to still allow their customers to be able to pay using their phone’s NFC technology, decided to create a mobile payment application of their own.Īnother deciding factor in the launch of Beem It was the looming creation of the new payments platform (NPP) by Australia’s Reserve Bank in February 2018. ANZ decided to split off from the rest and reached its own deal with Apple a month later.ĪNZ ended up being the only party involved that was willing to give Apple a portion of its transaction revenue. Those collective negotiations were put to a halt by the Australian Competition and Consumer Commission (ACCC) back in March 2017. The three banks, alongside Australian and New Zealand Banking Group (ANZ), had previously negotiated with Apple over the usage of its Apple Pay system. The initiative, however, dates back months further. ![]() They can tap into Beem It’s Checkout API to simplify the payment process for customers.īeem It itself can be accessed by visiting the company’s website or by downloading its mobile app (available on Android and iOS devices).īeem It, headquartered in Sydney, Australia, was founded in February 2018 by three Australian banks Commonwealth Bank (CBA), National Australia Bank (NAB), and Westpac. Those bills can either be paid individually or shared.Ĭonsequently, Beem It is also available for other businesses. You can, furthermore, store your loyalty cards within the app to continue earning rewards for flights, grocery purchases, and more.Īnother neat feature includes the ability to pay bills using BPAY. Users can also earn various cashback rewards (dubbed Beembucks) when they use Beem It to pay at one of its 600 offline and online store partners. You can even set automatic reminders to ensure that a given person pays what they’re due. For example, if the user has multiple bank accounts, he or she can send up to AU$2,000 per day.Īdditionally, group expenses can be both tracked and split. If you want to spice up a payment, you can even include animated stickers.īeem It, apart from being able to transfer money, offers a variety of additional features. As a result, you neither need to provide BSB nor account numbers. The platform works together with dozens of banks in Australia such as CommBank, Westpac, and more.Īll one needs to send and receive money is the other person’s username. ![]() Money can be transferred between banks in a matter of seconds. Beem It is a FinTech application that enables users to pay, request, transfer, and split money instantly.
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