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Revolutionizing Payments: An In-Depth Look at Beem It

Beem It: The Mobile Payment and Money Transfer App

Are you tired of the hassle of transferring money to different bank accounts or keeping track of group expenses after a fun night out? Well, Beem It might just be the solution you need!

In this article, we’ll take an in-depth look at Beem It, an app developed by the Commonwealth Bank, National Australia Bank, and Westpac, supported by Apple Pay and the new payments platform Osko.

Beem It allows you to make payments and transfers to family and friends without needing their bank details. It also boasts advanced features such as tracking and splitting group expenses, earning cashback rewards, and paying bills with BPAY.

Beem It’s Features

As previously mentioned, Beem It’s features make it a versatile payment app. Here are some of the features on offer:

– Pay: With Beem It, you can pay anyone who has registered with the app by selecting or searching for the receiver’s username.

There’s no need for BSB or account numbers, and you can carry out instant payments. Payments are authenticated with Touch ID/Face ID, keeping your finances secure.

– Request: If someone owes you money, you can request the money with Beem It. The app generates a payment request that you can send to your friend with a few taps, saving you the trouble of reminding them to pay you back. – Transfer: You can transfer money to your bank account or another registered user’s Beem It account by selecting the Transfer option on the app.

– Split money: Beem It also comes with the split money feature, which allows you to easily divide your group expenses among friends. You can choose the item you intend to split, and the app will automatically send payment requests to everyone in the group.

– Group expenses: Without the stress of tracking group expenses, you can now plan your trips or nights out with friends. Set an expense limit and keep track of expenses within the app.

At the end of the group activity, Beem It will split the total amount among everyone. – Animated stickers: The app comes with various animated stickers that you can add to your payment messages to make them more fun.

– Loyalty cards: You can also store your loyalty cards on the app, making it easier to keep them organized and redeem points when necessary. – BPAY: Beem It allows you to pay your bills using BPAY.

You can initiate a payment on the Beem It app, and the biller code, reference number, and payment amount will be automatically filled in. – Check out API: The app’s checkout API allows merchants to integrate Beem It directly into their apps, making it easier for customers to make payments.

Beem It’s History and Ownership

Beem It was established in May 2018 by the Commonwealth Bank, National Australia Bank, and Westpac. The app was created to provide a seamless and secure way of transferring and paying money between users.

It’s a product of the partnership between the three banks and their mutual objective to improve banking technology for their customers. As part of their efforts, the three banks introduced Osko, a new payments platform that complemented Beem It’s capabilities.

Osko powers instant payment transfers that allow money to be available within seconds, 24/7, regardless of the financial institution. ANZ joined the Beem It group in June 2019, and the app’s features were further enhanced this year with the addition of Buy Now Pay Later and eftpos.

Transferring Money

Beem It’s unique feature is its ability to make transfers directly to a user’s telephone number or username instead of going through conventional banks. You can carry out transfers without a BSB or account numbers, making the process faster and hassle-free.

All you need is the phone number or username of the person, and you’re good to go. To make a transfer, select Transfer on the app, type in the amount, and enter the phone number or username of the recipient.

For scheduled payments, you can set multiple transfers over a certain period, so your payments run like clockwork.

Additional Features

Beem It takes payment and finance management further by offering additional features such as:

– Multiple bank accounts: Beem It allows you to link and transfer money between multiple bank accounts. You can even split the expenses between your linked accounts, making the app more versatile and useful.

– Group expenses: Beem It sorts out group expenses so you don’t have to. As one of its features, users can keep track of expenses during events and nights out.

The app automatically requests payment from other users to cover costs. – Automatic reminders: You can set automatic reminders for payments to ensure you don’t miss deadlines.

– Cashback rewards: Beem It has a cashback program. Users who make payments on the app are rewarded with cashback in the form of discount vouchers for retail stores, travel agencies, and food outlets, among others.

– Pay bills with BPAY: You can pay your bills with Beem It using BPAY. The app also remembers your biller codes and reference numbers, saving you time and effort.

In conclusion, Beem It is a versatile and secured payment and transactions App supported by banks in Australia and international banking partners, Apple Pay, and the new payments platform, Osko. With its unique features, such as the split repayments, group expenses management, and reward cashback program, it is a useful tool for individuals and businesses.

Beem It App has transformed banking, payment, and expense management, making everything a lot easier.

Founding and Launch of Beem It

Beem It was founded in May 2018 by three of Australia’s largest banks – the Commonwealth Bank, National Australia Bank, and Westpac. The initiative was backed by the Australian Competition and Consumer Commission (ACCC) as part of their Open Banking concept, which encourages banks to collaborate and provide innovative solutions to consumers.

Beem It’s development was driven by the increasing demand from customers for mobile payment options. Apple Pay was also negotiating with the three banks for its launch in Australia, but a lack of agreement on the fees passed onto the banks from Apple led to the banks pivoting their energy and resources towards Beem It.

The app was launched initially on iOS and later on Android, offering instant payment transfers between registered users.

Since its launch, Beem It has been continuously evolving, adding more features and services, while gaining more and more users.

CEO Controversy and Acquisition by eftpos

Beem It’s CEO, Angela Clark, became the center of controversy in 2019 when she was found to have a conflict of interest in her role on the board of credit checking company illion. The Commonwealth Bank, which was one of the Beem It’s founding banks, was also a major shareholder of illion.

Clark was accused of not disclosing her position on illion’s board, which led to questions about the transparency of governance at the company.

Clark resigned from her role as CEO in August 2019 and was replaced by Mark Woodland, Beem It’s former Chief Operating Officer.

Beem It also rebranded itself later that year to signify the fresh start after the controversy. In October 2020, Beem It was acquired by eftpos, an Australian payment network provider.

Eftpos is a household name in Australia, famed for its debit or credit card with contactless chip, and the company has expanded over the years to include mobile payments. The acquisition of Beem It aligns well with eftpos’ goal to drive innovation in digital payments and compete with global players like Visa and Mastercard.

The acquisition also provides eftpos with access to Beem It’s massive user base and innovative features, further expanding their reach.

Referral Fees through Cashback Program

Beem it primarily earns revenue from its cashback program, which rewards users for making transactions on the app. Partner companies provide cashback rewards that are then split between Beem It and the user that completed the transaction.

This reward structure motivates users to make more payments through Beem It and promote the app to their friends and family, earning the company referral fees and potentially gaining new loyal customers. The cashback program has proved successful for Beem It since its launch, as many users have found the rewards attractive and convenient.

Partner companies have also benefited from increased sales and loyalty from customers.

eftpos as Owner and Intermediary

As the owner of Beem It, eftpos provides the payment network infrastructure for all transactions made through the app, earning revenue with every payment. This also gives eftpos an advantage because it allows them to keep track of all transactions and use that data to improve their offerings to partner companies and customers.

Additionally, eftpos acts as an intermediary between Beem It and the partner companies. They facilitate the payment of cashback rewards to the users through the app, ensuring that the process is smooth and convenient for everyone involved.

This role provides eftpos with the opportunity to extend their reach in the market and promote their services to a wider audience. In conclusion, Beem It has come a long way since its launch in 2018.

The app has evolved over the years, offering more features and services to accommodate the growing demands of its users. The acquisition by eftpos has further expanded the company’s offerings and provided a more robust payment network infrastructure while providing eftpos with new sources of revenue and access to Beem It’s customer base.

As Beem It looks to expand its footprint in Australia and abroad, it will be interesting to see what the future brings for the app and eftpos as they continue to innovate and compete in the digital payments space. In conclusion, Beem It is a mobile payment and money transfer app provided by a partnership between Australia’s largest banks and supported by Apple Pay and Osko.

Its features have continued to evolve, including paying and requesting money, tracking group expenses, earning cashback rewards, and paying bills with BPAY, making it a versatile tool for individuals and businesses. Its history has not been entirely without controversy, from the CEO’s conflict of interest to its recent acquisition by eftpos.

Nonetheless, Beem It remains a major player in the digital payments space, and its success is largely attributed to its cashback program, which has been beneficial for the company, users, and partner companies. With Beem It, payment and expense management have become easier and more accessible.

As we move towards an increasingly digital world, Beem It provides a positive outlook for the future of digital payments.

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