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· Posted on
February 21, 2024

CommBank has its eyes on the payments prize and its got a 2-birds-1-stone vibe to it

CommBank is keen to fight the good fight against global payment giants like PayPal, Square, and Stripe.

What's the key learning?

  • The problem for CommBank is that it loses most of its rich data when it goes through a company like PayPal or Afterpay, so now its competing with the tech giants with the launch of its new platform called PowerBoard.
  • PowerBoard plants to collate a range of payment methods for merchants in one spot.
  • This new service allows CommBank to somewhat entrench itself into the world of payments to better compete with Stripe and Square, but this move also highlights CommBank’s plans to take on old foe: NAB.

👉 Background: CommBank is Australia’s biggest bank - which started in 1911. It has a focus on retail banking, business banking and much more.

👉 What happened: Now, CommBank is keen to fight the good fight against global payment giants like PayPal, Square and Stripe, which are snagging its market share and its customer insights. The problem for CommBank is that it loses most of its rich data when it goes through a company like PayPal or even Afterpay.  

👉 What else: And now, Commbank are competing with the tech giants with the launch of a new platform named PowerBoard. This platform plans to collate a range of payment methods for merchants in the one spot.

What's the key learning?

💡 Business banking is a vital battleground for Australian banks so it's not surprise to see a bevy of tech companies looking to compete for merchant customers with the big 4 banks.

💡This new service allows CommBank to somewhat entrench itself into the world of payments to better compete with Stripe and Square. But this move also highlights CommBank’s plans to take on… old foe… NAB!

💡CommBank is No.2 to NAB in business lending in Australia so CommBank's plan to launch more business products is part of its plan to take the top spot. For example, CommBank has started making moves into ecommerce (like its investment in Little Birdie and Klarna too).

‍

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