We're told new CEO Mark Britt will providing evidence at 11.30am today to the Parliamentary Joint Committee inquiry into Mobile payment and digital wallet financial services, and will "focus his comments on ways to ensure competition in the mobile wallet space and enhance opportunities for Australian players like Beem It."
A joint submission from eftpos and Beem can be found here.
In announcing Beam It's new CEO, the company explains Britt’s vision for the business is "to extend the digital wallet experience into the physical world."
While further details will be announced in the coming months, Been It has revealed it will "soon enable discounts and offers, an all-in-one loyalty wallet, gamified social rewards, promotions supporting local businesses, and more."
eftpos notes its November 2020 purchase of Beem It "was the logical move as a trusted Australian payments brand that has access to hundreds of thousands of Australian merchants, millions of consumers and is quickly moving into digital payments," and that it plans to "build an Australian digital marketplace that aims to deliver on the unique needs of Australian consumers and merchants, and flourish through facilitating exceptional customer experiences."
And, because eftpos is Australia’s debit card system, processing over 2 billion debit card transactions in 2020 worth an average of more than $300 million each day, the company wants to protect this user base and market in a world of credit cards, PayPal, Apple Pay, Google Pay, cryptocurrencies, cash, the BNPL buy now pay later Zip, Afterpay, PayPal Pay in 4, and more.
A Beem It after-zip-pay in 4 via debit cards is presumably also on the way. A commentator on the Sky News Weekend Business show was suggesting Sunday that the debit card system was next for this kind of move, following PayPal's Pay in 4 launch earlier this month.
eftpos CEO Stephen Benton said in addition to taking the job as Beem It CEO, Britt would also lead eftpos’ new ventures business to drive commercial outcomes across the wider eftpos Group of businesses, including responsibility for its Digital Identity solution, connectID.
Benton said: “Mark embraces the start-up mindset required to deliver the necessary speed to market and intensity of meeting customer needs. Which is critical as the eftpos Group has big aspirations for Beem It, both in terms of the role it will play in Australia as the lifestyle app for all Australians and for the eftpos Group broadly to progressively cover new ventures for the Group.
“Beem It, along with other eftpos assets such as connectID, will be utilised to create compelling innovations within a local ecosystem for consumers, Fintechs, merchants and banks to enhance digital commerce while leveraging existing industry investments to help compete with Big Tech,” Benton continued.
Britt is also former CEO of Nine Digital, spearheaded Microsoft’s Consumer and Online business for the Asia Pacific region as General Manager, and also co-founded iflix, a video streaming service across Asia, and said he was "looking forward to leading Beem It which is poised to embrace the take up of the use of digital wallets, as well as launch promotions supporting local businesses and each other.
“Beem It already has a loyal user base of over 1.4 million Australian members, with over 200 million social connections between them, so there is a great opportunity to make Beem It available to more people with more services and features, whilst creating an Australian digital marketplace focused on delivering value for all users.
“Australians are already using digital wallets to pay for everyday expenses and eftpos recognises the key growth opportunities are linked to how the value-added services that wrap around the digitised payment are achieved," Britt concluded.
Britt's experience also includes previous roles at Ninemsn, PWC and representation on several Boards and charity organisations, and in addition to that, we're told Britt "brings great consumer insights and deep experience in digital strategy, both building and leading successful tech businesses across the APAC region."
eftpos reminds us it has "an agnostic approach to mobile payments," and notes "eftpos mobile transactions grew more than 400% year on year in May 2021 across all supported mobile ecosystems and from April to May 2021 alone, there was 13% growth in eftpos mobile transactions.
"Mobile and digital wallets are an important part of eftpos’ mobile strategy and with the continued rise of digital wallets and in store mobile initiated transactions as the most common types of contactless forms of paying."