The Commonwealth Bank, Westpac, and National Australia Bank have come together to launch a mobile payment app that will enable instant payments for all Australians, including small businesses, regardless of who they bank with, according to a press release.
Beem is a free app for iOS and Android that enables anyone to make an instant payment using their smartphone, and request payment from someone who owes them money or to split a bill. The banks said the hope is that Beem will become an industrywide payment product, and is open to interest from other banks, industry, and retail players.
Beem will initially have a sending limit of $200 a day ($6,000 per month), with a monthly receiving limit of $10,000 as an initial risk control measure.
Beem will be available to all bank customers and small businesses that hold a global scheme debit card issued by an Australian Authorized Deposit-taking Institution.
The banks said the joint venture will be independently run, with a mandate to actively seek new participants to join the initial three participants. Future product initiatives beyond the payments facility are being planned, including digital wallet features and capabilities, according to the press release.