The bank has been trialling its services with 1,500 customers, which have sent a total of USD 2.2 million in transactions. Up, which is fully cloud-based, shows location and merchant IDs for transactions. The challenger’s financial services are being provided by Bendigo Bank, so Up doesn’t need its own banking licence.
Up already has Apple Pay, Google Play, Garmin Pay and Fitbit Pay implemented. The bank says it is bringing new financial products to the Australian market.
The UP app provides time of day on spending, a merchant ID, location, plus automated weekly spend tracking and spending analysis, including how much you’ve spent at one shop in the last year or from month-to-month. The app also predicts upcoming charges automatically, automatically generates reports and can show how much has been spent with one provider over time. There are no account fees and withdrawals are free from most Australian ATMs.
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