The new app will allow instant payments for all Australians and small business units. In October 2017, the three banks announced that they were working on the development of this new payments platform.
In addition to enabling payments, the new app will allow the user to request payment or split a bill. Beem It is compatible on iOS and Android platforms and can be used by the users of all banks, industry and retail players.
CBA carried out the initial testing of the platform. Initially, the platform will have a sending limit of AUD 200 per day and a monthly receiving limit of AUD 10,000. All transactions made through the platform will be monitored in real-time.
Beem it can be used by all bank customers and small businesses owning a global scheme debit card issued by an Australian Authorised Deposit-taking Institution (ADI).
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