![]() The Hedera network is host to various projects across eleven industries, including the development of solutions to monitor the temperature of Covid-19 vaccines storage rooms, and in the development of blockchain technology that verifies government-issued records. Meanwhile, before eftpos, the last entity to join Hedera’s Council was law firm Dentons. If token issuers don’t self regulate, governments will do it for them. Many cryptocurrency prices are correlated, and while HBAR spiked by 70%, Bitcoin’s price remained flat. The embargoed news release started to circulate on the afternoon of January 21st, by which time, as the graph indicates, the price had already spiked. Most news is not especially sensitive, but the eftpos news is important because it indicates potential adoption by banks. Various cryptocurrencies have been pursued by the SEC for issuing tokens that are securities, the biggest being Ripple and XRP. We noted the same behavior before the announcement of Google joining the Governing Council. The price of Hedera’s token HBAR spiked in advance of major news. However, given the latter, there’s a higher bar for its activities. Hedera Hashgraph has numerous strengths, including its unique technology and its Governance Council dominated by large enterprises. Along with several partners, we are now exploring a variety of use cases that this combination of technologies enables and the options to commercialise them.” Spike in token price “Use cases like this simply are not possible on other public blockchains. “By combining the new eftpos API infrastructure with a consumer wallet-based experience, digital identity, and an AUD-based stablecoin using Hedera’s superfast, secure and low-cost distributed network, the PoC’s objective was demonstrably achieved,” said Rob Allen, eftpos Entrepreneur in Residence. Hence before becoming a Hedera Governance member, eftpos ran Proofs of Concept (PoCs). Key drivers behind eftpos’ interest in Hedera are micropayments for small online payments or device to device transactions, including stablecoins. In 2019, debit payments accounted for 44% of all consumer payment methods, and in 2020 they accounted for 70% of the monthly electronic payments. Eftpos processed over two billion transactions in 2020 at an average of more than $300 million a day.ĭebit cards have become the most popular payment choice in Australia. The organization operates Australia’s debit card processing system and recently acquired ‘Beem It’, a mobile payments app. Nineteen firms own eftpos, including Australia’s biggest banks Commonwealth Bank of Australia, Westpac, ANZ and National Australia Bank. The news is a massive win for the DLT network, but the token price spiked before the announcement, repeating behavior before Google joined. The company is the 17th entity to join Hedera’s Council, including Google, IBM and LG Electronics as members. ANZ is currently also the only major Australian bank to offer its customers Apple Pay.Australian payments company eftpos has joined the Governing Council of Hedera Hashgraph’s decentralized public network and will run the country’s first node. ![]() The banks have also failed in their attempts to persuade the ACCC to permit them to collectively boycott Apple Pay.ĪNZ Bank is notably absent, and is the only major Australian bank not involved in the development of Beem. The trio, in addition to Bendigo and Adelaide Bank, lost their fight against Apple in March, following the Californian-based company’s decision to deny access to NFC chips used with Apple Pay. ![]() ![]() The new payment system and mobile wallet comes as the Australian banks continue their battle with rival Apple, and its Apple Pay platform. They hope Beem will become an industry-wide payment platform. The three banks claim they are open to interest from other banks, retailers and industry players. Scheduled for launch later this year, Beem will be compatible with devices and banks across Australia.īeem will have a daily funds transfer limit of $200 – $6000 per month, in addition to a receiving limit of $10,000 per month. Named ‘Beem’, the new app will be available for iOS and Android, and will enable consumers to make instant payments via their smartphone, plus the ability to split bills and request payments from other individuals. Three of Australia’s ‘Big 4 Banks’ – Commonwealth Bank, Westpac and NAB – have joined forces to develop a smartphone payment app, set to rival Apple Pay. ![]()
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