For a couple of decades, it seems that BPAY has been the default method of payment for Australian consumers. The two sets of numbers can be found at the bottom of almost every regular bill – from electricity to rego to rates.

Now, a Brisbane start-up is looking to disrupt BPAY’s stranglehold over the market with a mobile solution that is said to be far simpler than the current market leader.

 

 

Sniip is all about your smart phone. Install the app, plug in a few details, and the next time a bill is due you’ll get a notification. Simply approve payment and the money disappears from your preferred account.

The system is also built for online retailers. The back end contains plenty of analytics to inform businesses of who is shopping, when they prefer to shop, and the cart conversion rate. In fact, Sniip claims that their software greatly enhances sales conversion rates by creating a much faster pathway to payment.

 

 

The most obvious thing missing from the online demonstration is the ability to sign in with a fingerprint rather than a PIN. This would also speedup the process and add an extra layer of security. However, we have to assume that Apple blocks this due to their desire to push people to their own mobile payment process – Apple Pay.

 

 

While three out of the four of Australia’s major banks fight a rearguard action against Apple Pay, they’ll all hate the idea of Sniip. According to The Australian Financial Review, BPAY – which is equally owned by NAB, Commonwealth Bank, Westpac and ANZ, “processes an average 1.5 million transactions worth $1.3 billion” each day.

[Sniip]