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5 things you need to know in Australian tech today

Photo: Getty Images

It’s that awkward day between the weekend and a public holiday. Here’s what you need to know about tech.

1. NAB has its own mobile payment service now. Not wanting to wait for Apple Pay and Android Pay to launch in Australia, NAB has launched its own mobile payment service for Android devices called NAB Pay. However at launch, the service only supports Visa debit cards, with support for credit cards coming “in coming months”.

2. The ASX is investing $15 million in blockchain. As part of the ASX’s $50 million, four-year systems overhaul, their new post-trade platforms will be based off blockchain technology.
The ASX says they paid $14.9 million to fund the development of the technology as well as a 5% equity interest in Digital Asset. They’re hoping the use of the technology could mean real time settlements of equities trades while also reducing risk and compliance costs.

3. A Reddit user made NBN ads for an alternate future. Imagine a future where the government wants to build a proper, all-fibre NBN and the benefits it would have over the multi-technology mix.

4. Google could owe Australia millions in tax. Independent senator Nick Xenophon thinks Google could owe Australia big dollars, seizing on the chance after the tech giant agreed to pay $265 million in the UK. The senator, who sits on the multinational tax avoidance inquiry has questioned whether Google has been using a tax minimisation scheme. So how much could they owe us? Potentially in the hundreds of millions, says Xenophon.

5. Australia is lacking in fintech startups. Despite being one of the most hyped developments in banking, it looks like we aren’t interested in embracing fintech companies. Ernst and Young’s inaugural global fintech adoption index was released showing that Australia’s rate is just 13%, the second lowest of six major markets. Hong Kong had the highest adoption of fintech services at 29.1%, followed by the US at 16.5%. Interestingly, it showed that despite Australia’s love affair with tap and go credit cards, we aren’t all that keen to pay with our phones just yet.

That’s it for today, have a great Australia Day tomorrow.

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