Sniip is breaking new ground in mobile payment technology as the first app in Australia not restricted to any one banking or credit card brand.
Sniip CEO Damien Vasta says Sniip offers a win-win for consumers and business, especially when compared with alternatives in the growing mobile payments space in Australia.
“Mobile payment technology is a hot topic for financial institutions, telcos and retailers with the Australian launch of Apple Pay on 19 November and Google’s Android Pay and Samsung Pay expected to follow suit soon,” he says.
“The problem with these platforms and other mobile payment solutions currently available, is that they don’t work on all devices or they are restricted to use with a particular credit card or banking institution.
“Some retailers have also implemented their own mobile payment solutions which require accounts specific to their stores. This presents another set of challenges.
“Consumers and business want simple payment solutions, that come at no or little cost to them. People don’t want to have to install and use dozens of applications, or hold numerous accounts, and businesses need to make it as easy as possible for the customers to pay them on time.”
Sniip doesn’t have the same set of challenges as other platforms, as it’s not built around any one banking or credit card brand and will work on any brand of smartphone. Consumers simply scan and pay bills using Sniip’s trademarked circular QR code, or browse and purchase products from participating businesses, eliminating the need to enter a long account number or bank details.
The Sniip app is first of its kind in Australia.
Mr Vasta says with the widespread use of smartphones – nearly 80% off all mobile phones in Australia are smartphones – he expected wider adoption of mobile payment technology in 2016.
“Australians have embraced mobile commerce, with 3.4 million using an m-commerce service in 2013 – a 448 percent increase over three years. And nearly 50 percent of smartphone users have downloaded a banking and finance app.
“The Australian Mobile Telecommunications Association (AMTA) Mobile Nation 2015 Report, undertaken by Deloitte, found that consumers and retailers have rapidly adopted card-based NFC payments (PayWave/PayPass). This indicates that consumers are ready for simple mobile payment solutions.
“The very challenges that other e-wallet and smartphone payment solutions face, and have prevented widespread adoption, aren’t a barrier for Sniip.
“We believe Sniip has the potential to transform payments in both the private and public sector. With Sniip you could pay for everything from your rates and electricity bill to speeding fines, as well as shop with your favourite Australian retailers, all in the one app.”
More than 90 retailers have already signed up with Sniip, and in the public sector Toowoomba Regional Council is trialling the new mobile payment technology with its ratepayers.
As a free app to download and low cost solution for businesses and organisations, Sniip is fast, simple and secure – Sniip has achieved full PCI DSS compliance (highest level of safety certification in the credit card space).
Using the Sniip app on your smartphone is more secure than carrying your wallet – no-one can view your card details or make a purchase without entering your 4-digit pin.
Once you’ve downloaded Sniip and created an account, you can pay a bill in seconds and there’s no need for you to re-enter payment details each time.