Insight & News
"Beem it" - Payments
Is an app owned by CommBank, NAB and Westpac. They tell you when you are signing up.
I downloaded Beem It about two weeks ago and started to go through the sign-up process. I stopped because I hit a hurdle confirming the two micro-transactions that Beem It posts to your bank account. You need to log in to your bank app, look at the bank entries, then enter the two amounts that appear in the Beem It sign up screen. I don’t use CommBank, NAB, Westpac or ANZ, and I have a feeling my bank’s system is not the newest, so the entries aren’t posted in real time. They come next day. So, the last time I signed up, I missed the entries the next day and was timed out by Beem It. I started the sign-up process again and will look for the entries tomorrow. So, this is going to be written over two days.
I picked up the two small amounts and connected my bank account. It’s pretty easy. The app UI/UX is simple and clean. I like it. There are three screens Pay, Transaction History, and Settings. You can pay, request or split bills. It’s not rocket science. It connects to your phone’s address book, so you can see who else has signed up for Beem It and beem them some cash. There is a cap of AUD200 per transaction, and you can add cards, debit cards only at this stage.
My phone book is large enough. Nobody else that I know has signed up for Beem It. I encouraged one of the team in the office to sign up, he did. We sent each other some cash, then we got bored and went back to work. But we didn’t need BSB and Account numbers and we were sending money instantly, new to Australia (but not anywhere else).
It is early days but the fact that nobody in my address book has signed up for Beem It says a lot i.e. What do we need it for? This is a question we often ask when someone is pitching a software idea at Jack’s Ventures, what problem is this solving? We spend a lot of time in Asia. We understand payments and payment challenges. They are different in every country - according to habits, cultures, and necessity.
We are in our 40’s so maybe our habits and needs are different to the Beem It target crowd. Maybe it’s good at uni when you are sharing coffees or beers. We will ask around.
Payments in Australia are already easy, and we haven’t adopted QR codes. Tap and go is the way.
Beem It does not run over the NPP, as we understand it, but a payment rail combo of the eftpos system and VISA/Mastercard’s payment switch.
Beem It is not ‘Australia’s answer to Venmo’. Venmo is cool and comes with a social hook i.e. everyone (if you like it) can see who is paying for what in real time. There was an angle to it.
We think that this is just the start of real payment innovation in Australia, and someone will think of something that fits the market, is catchy or has an edge, and serves a purpose. Beem It is not that.
Jack’s loves payment products. Our team has built full banking apps, payment apps, payment switching APIs and a bunch of products with payment mechanisms. If you have a payments concept, or even if you want to build a digital bank, come in and talk it through with us.
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