Displaying items by tag: Mambo

Any hopes that the major banks might regroup to establish an alternative online payments platform to the now cancelled Mambo project were today dashed by Drew Unsworth, general manager of online banking for the Commonwealth Bank.

If Apple launches its iPhone 5, complete with a Near Field Communications chip (the technology that allows wave-and-pay) in September, and does some form of payments deal with PayPal, it will represent a 'perfect storm for disruption' of the global payments market and force local banks to rethink their strategies a financial forum was warned this morning.

Cash is no longer king, making up less than a quarter of the value of all payments made in Australia, as the value curve bends toward online and card based transactions. It's a shift that has prompted the Reserve Bank's Strategic Review of Innovation in the Payments System which could ultimately dictate the nature of computer systems the big banks will need in order to comply with the shifting regulatory landscape.

How do you make money from software when you give away the source? That's a good question - which these days has as many answers as the number who have found a business model that permits them to live off what they code.