"There has to be value beyond the transaction," said David Joss, CEO of Community Telco, a subsidiary of Bendigo Bank that provides telecom services. Existing types of payment are already convenient, he said.
The Redy service currently relies on QR codes for payments and transaction times are under two seconds, he said. While Bendigo has chosen QR for its universality, the bank might review other payment technologies in the future, he said.
Feedback in the first four months of the Redy trial is encouraging, Joss said. The main criticism from merchants has been that there are not enough consumers making mobile payments, while the main criticism from consumers has been that there are not enough merchants accepting the mobile payments, he said.
Bendigo plans to make a more detailed announcement about the Redy service later this year, he said.
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