"Every year, more tourists arrive in Australia from China than from any other nation. One million a year make the trip. When they get there, according to a report by Cross Border Management, they spend A$2.5bn on retail goods. It is in Australia’s interest to make it easy for the Chinese to spend their yuan and that means one thing: accepting mobile payments. That explains why, in September of this year, local payment processors launched WeChat down under."
Tim Green describes how Australian banks are launching one of the world’s most advanced faster payments platforms and explains why they believe it will lead to a wave of innovative other services.
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This article first appeared in Financial World
, the journal for The London Institute of Banking & Finance.