Wednesday 23 October 2019
Splitting the bill with your friends, paying for a babysitter or building your fund for next year’s Europe trip? Payments app Beem It has just launched two new features that could make sending money instantly to yourself and others even easier.
The first feature, ‘Transfer’, lets you link multiple debit cards (capped at 3 per user) to the app so that you can move money in a split second between your own accounts, regardless of which bank each account is with.
The second feature, ‘Scheduled Payments’, gives you the option of setting up future or recurring payments (up to 30 at any one time), say, for your weekly yoga class.
These new additions come in the wake of Beem It’s growing popularity as more and more Aussies switch from cash and physical cards to digital money transfers.
Beem It is an instant payment app owned by three of Australia’s biggest banks, Commonwealth Bank, NAB and Westpac. It’s available to any Australian Visa or Mastercard debit cardholder, no matter the bank, and for many individuals and small businesses, it’s been a way to pay or be paid on the spot without the fuss of cash or transactions that take time to process between different banks.
In fact, Beem It data reveals that since January, there has been a 360% increase in the amount of dollars that users have sent to each other every day using the app.
RELATED ARTICLE: Apps on the rise: the future of mobile banking in Australia
Beem It CEO, Angela Clark said these additions were the two most highly requested features by users, and help to extend the convenience of instant digital payments into more pockets of the user’s lives.
“Users can now use Beem It for more types of payments … [and they’ll be] able to make those payments really easily and simply in a way that’s also low stress,” she said.
“If you want to pay someone back but you want to wait for a period of time for various reasons - it might suit you financially to pay it at a certain date - then you can get your money housekeeping out of the way in the moment by setting up a scheduled payment.”
Scheduled payments are processed some time after 11am - but if you want to be in the loop about when your money actually goes through, you’ll need to turn on the notifications.
Clark added that this product update is part of Beem It’s efforts to grow beyond just peer-to-peer payments.
“We’re passionate about taking the hassle out of the way Australians pay and get paid. Since launching Beem It in June last year, we’ve focused on building the best product to simplify instant transfers and splitting group expenses with friends and family, and now we’ve added more of the capabilities that our customers have asked for,” she said.
“The vision is always to move towards the digital wallet space… [to create] a rich wallet experience for Australians that they are in control of and they can use to maximise the benefits in their lives.”
Curious about what other storms are brewing in Australia’s digital payments space? Explore our fintech hub for the latest developments, or if you’re looking for a debit card to add to your Beem It app, be sure to head over our debit card comparison table.