James Eyers
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Covering banks, payments and fintech at The Australian Financial Review in Sydney / jeyers@afr.com +612 9282 3965
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Articles by James Eyers
Plan by banks, Armaguard to save cash breaks down in acrimony
Trust between the major banks and Armaguard has broken down, with the lenders urging the competition regulator to intervene and block the monopoly cash transporter’s proposed pricing model, which they warn could lead to the national supply of cash running dry.
Futures and Commodity Market News
Sep 06, 2026 (The Australian Financial Review - ABIX via COMTEX) -- Rob Taylor joined Westpac last week from Goldman Sachs, with Taylor to head up a new strategy that will see more of its loan book opened up to private credit and superannuation funds, in what has been described as a Wall Street-inspired approach.
Futures and Commodity Market News
Jun 18, 2026 (The Australian Financial Review - ABIX via COMTEX) -- The Australian Prudential Regulation Authority has told banks, insurance companies and superannuation funds to be vigilant when it comes to defending the nation's financial system from risks such as insider threats to steal information and disinformation campaigns.
Futures and Commodity Market News
May 10, 2026 (The Australian Financial Review - ABIX via COMTEX) -- Tokens have been described as the hidden cost of using artificial intelligence, with tokens being a basic unit that measures how much data is being processed through autonomous AI models such as Anthropic's Claude.
Futures and Commodity Market News
May 10, 2026 (The Australian Financial Review - ABIX via COMTEX) -- Tokens have been described as the hidden cost of using artificial intelligence, with tokens being a basic unit that measures how much data is being processed through autonomous AI models such as Anthropic's Claude.
RBA to banks: Put country before profit
Mar 25, 2025 (The Australian Financial Review - ABIX via COMTEX) -- The banking sector is in charge of the transition from the so-called Bulk Electronic Clearing System (BECS) to a new payments platform (NPP) by 2030, with the BECS responsible for processing almost $18 trillion in company payroll, superannuation and government welfare payments each year.
RBA alarm over banks' plans to shut key payments system
Mar 11, 2025 (The Australian Financial Review - ABIX via COMTEX) -- Used for large-scale payments for over 30 years, the so-called Bulk Electronic Clearing System processed $17.4 trillion of payments last year. However, the BECS' age means it has a number of limitations, including that it only operates in business hours, and the banks are planning to shut it down and move to a new system by 2030.
Coalition attacks failure on crypto protection laws
Nov 24, 2024 (The Australian Financial Review - ABIX via COMTEX) -- Coalition senator Andrew Bragg has used an address to the Australian Crypto Convention to attack the federal government for not implementing legislation for cryptocurrency exchanges, including protections for consumers.
Macquarie Bank, CBA at war for deposit and mortgage customers with cutting-edge tech
Companies Financial Services Money apps Until now, the only reason to switch banks was to get a better deal. The rivals are changing that with digital investment on a scale the industry has never seen. Feb 16, 2024 – 12.51pm or Subscribe to save article EmailLinkedInTwitterFacebook Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Subscribe now Already a subscriber? Getting a better interest rate was the only reason customers had to switch banks.
Mortgage rivalry of largest lenders 'diminishing': Citi
Feb 04, 2024 (The Australian Financial Review - ABIX via COMTEX) -- Citi analysts are of the view that competition among Australia's largest banks for new mortgage customers is "diminishing", as they consolidate their position in the home loan market. As a result, Citi expects smaller regional banks such as Bendigo & Adelaide Bank and Bank of Queensland to struggle, with Citi suggesting they "are set to see their core profit underperforming the majors".
New regime to license digital asset exchanges
Oct 15, 2023 (The Australian Financial Review - ABIX via COMTEX) -- Assistant Treasurer Stephen Jones will use a cryptosummit on Monday to unveil the federal government's new regulations for cryptocurrencies, with Jones to say that they will aim to protect consumers by reducing the risk of scams and of exchanges failing.
Westpac, Commonwealth Bank, ANZ and NAB bankers warn that borrowers are feeling the interest rates pinch by cutting spending
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ASIC's plan to kill buy now, pay later
Feb 16, 2023 (The Australian Financial Review - ABIX via COMTEX) -- The Australian Securities and Investments Commission has used a submission to Treasury to argue that buy now, pay later (BNPL) providers should be subject to the same lending standards as credit card providers and banks.
The ACCC is formally investigating Apple's control of mobile payments in Australia
(Photo by Smith Collection/Gado/Getty Images) The competition regulator has launched a formal investigation into the way Apple controls bank access to the antennas on its iPhones that communicate with payment terminals. Of concern to the ACCC is the design of iPhones which restricts payment cards from making “tap and go” payments unless they are stored in Apple’s digital wallet. Apple charges banks a few cents for every $100 of transactions.
Afterpay is advocating for an Australian 'stablecoin'
James Eyers, AFR Sep. 8, 2021, 3:05 PM (Carla Gottgens, Bloomberg via Getty Images Afterpay says shifting payments to blockchain technology will cut payment costs by removing intermediary banks, and it is urging the government and central bank to develop policy to allow an Australian dollar “stablecoin” to be created. This will safeguard the fiat currency as the use of private cryptocurrencies becomes more popular, the buy now, pay later leader said.
Win a copy of Buy Now, Pay Later: The Extraordinary Story of Afterpay
Buy Now, Pay Later By Jonathan Shapiro and James Eyers Allen & Unwin, $29.99 Millennials love it. Amateur investors made millions out of it, and its founders became billionaires. But professional investors steered clear, regarding it as over-valued. Told in full for the first time, this is the fascinating behind-the-scenes story of the Aussie technology start-up that changed the way a whole generation around the world does their shopping.
The extraordinary story of Afterpay eBook : Eyers, James, Shapiro, Jonathan: Amazon.com.au: Kindle Store
Millennials love it. Amateur investors made millions out of it, and its founders became billionaires. But professional investors steered clear, regarding it as over-valued. In a few short years, the Australian startup Afterpay has put a rocket under consumer finance and birthed a global industry. It pioneered the four-payments model that allows customers to bypass credit cards for online shopping and budgeting, with the cost borne by the retailer.
When Molnar met Eisen: The story of Afterpay
Journalists Jonathan Shapiro and James Eyers’ new book about Afterpay covers how co-founders Nick Molnar and Anthony Eisen built one of Australia’s most iconic startups of the 21st century. Buy now, pay later: The extraordinary story of Afterpay, has just been released, coinciding with Afterpay’s announcement that it will be acquired by Square, the payments giant headed up by Twitter founder Jack Dorsey, in a deal worth US$29 billion ($39 billion).
Jack Dorsey outlines vision for Afterpay in Square earnings call
James Eyers, Jonathan Shapiro, AFR Aug. 3, 2021, 9:28 AM Square CEO Jack Dorsey outlined his vision for Afterpay in a quarterly earnings call. Dorsey, who co-founded Twitter, pointed to Afterpay’s network effect. He told investors on the call that Square is “seeing strong demand for buy now, pay later from merchants and consumers and rapid adoption amongst both, especially younger consumers.” Visit Business Insider Australia’s homepage for more stories.
James Eyers : 9781760879464
Millennials love it. Amateur investors made millions out of it, and its founders became billionaires. But professional investors steered clear, regarding it as over-valued. In a few short years, the Australian startup Afterpay has put a rocket under consumer finance and birthed a global industry. It pioneered the four-payments model that allows customers to bypass credit cards for online shopping and budgeting, with the cost borne by the retailer.
Buy now, pay later platforms face a day of reckoning, the boss of Humm says
Humm CEO Rebecca James (Image by Arsineh Houspian, SMH) Humm CEO Rebecca James has pledged to maintain profitability as the former Flexigroup expands its buy now, pay later offering into Britain and Canada amid intensifying global competition that has sent stocks in the high-flying sector into a tailspin.
Afterpay is launching a banking app as it gears up for a showdown with the Commonwealth Bank
How version 1 of Afterpay Money will look to users. Afterpay has an implicit message for the Commonwealth Bank: anything you can do, we can do better. With CBA on Wednesday launching an assault on Afterpay’s 3.4 million customers with its own version of buy now, pay later, Afterpay is preparing to launch its new banking app – Afterpay Money – following a successful pilot.
Banks fear Afterpay increases money laundering risks
Banks fear that buy now, pay later operators such as Afterpay, which operate outside traditional banking rules, have increased the risk they will be ensnared in more anti-money laundering dramas. Banks say they cannot see where money is being spent because the new players are standing in between banks and transactions. The Australian Banking Association wants Treasury to close “gaps” in regulations to reduce growing payments risks.
The Reserve Bank has given its strongest indication yet that it won't overturn Afterpay's 'no surcharge' policy
(Dominic Lorrimer, AFR) Reserve Bank governor Philip Lowe has given the strongest indication yet that buy now, pay later providers will be able to continue to insist merchants do not pass their costs on to customers, at least in the medium-term. Dr Lowe said the stance was in recognition of the innovation the instalment products brings to customers and the relatively small overall volume transacted compared to existing payment methods.
'Designed to help lenders, not consumers': Afterpay has hit back at rival Klarna on the need for customer credit checks
Founder and CEO of Afterpay Nick Molnar. (Tabatha Fireman, BFC) Afterpay has hit back at rival Klarna after the Swedish firm, part-owned by Commonwealth Bank, said its constant checking of users’ credit files could harm its customers rather than help them and does not reflect more responsible lending conduct. Competitive tension between buy now, pay later leader Afterpay and new arrivals including Klarna is heating up.
Afterpay will offer support for Apple Pay and Google Pay, putting further pressure on credit cards
Fairfax, Dominic Lorrimer Afterpay will pay a fee to Apple and Google to allow its instalment payments to be made through their smartphone digital wallets, but the deal will reduce Afterpay’s costs of rolling out to new merchants and help drive customer adoption. Afterpay said on Wednesday it would turn on Apple Pay and Google Pay in select US retailers this month, while Australian customers would be able to use their phones to make ‘tap and go’ instalment payments “in the coming months”.
Westpac under pressure to settle with AUSTRAC
The odds of Westpac settling the damaging AUSTRAC case for more than a billion dollars have shortened after the financial crime regulator showed it was willing to stick with the same strategy it used successfully just two years ago to extract a big penalty from Commonwealth Bank.
PayPal on crime-fighting crusade as virus drives online payment surge
PayPal says it will continue to work with local law enforcement agencies to prevent its platform being used by criminals, including COVID-19 scammers, as transaction volumes surge to record levels with the pandemic accelerating growth in online payments. During April, PayPal in Australia processed the highest number and value of transactions in its history, as active customer accounts spiked to three times pre-crisis levels.
Westpac has deferred its dividend after revealing a massive 70% slump in profit
AAP Image/Ellen Smith Westpac Banking Corporation has revealed a massive 70 per cent slump in first half cash profit of $993 million and elected to defer the dividend until greater clarity is known about the economic impact of COVID-19 on bad debts. Westpac chief executive Peter King sheeted the hit to profits back to the likely cost of settling the AUSTRAC matter, its ongoing response to recommendations from the Hayne royal commission and growing projections of the cost of the virus crisis.
NAB and Westpac are offering a six-month loan holiday to mortgage customers
(Photo by Robert Cianflone, Getty Images)NAB stands accused by David Limbrick as the worst offender of denying services to sex workers. National Australia Bank and Westpac Banking Corp are offering six-month loan holidays to mortgage customers, going further than the relief package for small business announced by the Australian Banking Association hours earlier.
Square and Twitter founder Jack Dorsey calls out Aussie banks for being anti-competitive
Getty ImagesSquare founder Jack Dorsey. Jack Dorsey’s US payments giant Square has accused Australia’s major banks of engaging in anti-competitive conduct when it entered the local market and described parts of the financial services laws as “challenging to navigate”.
The Commonwealth Bank is scaring customers away from its competitors, claiming their money is at risk if they go elsewhere
CBA is warning customers away from potential competitors (Photo by Romy Arroyo Fernandez, NurPhoto via Getty Images) Commonwealth Bank has been accused of “at worst” abusing its market power after warning customers using fintech wealth products their money is at risk because of security concerns. The financial technology industry says the alerts are misleading and damage the government’s plans to increase competition in the banking sector through open banking.
Neobank Xinja just won an unrestricted licence and began its bid to lure millennials away from the big banks
The prudential regulator says Xinja Bank’s licence is now unrestricted, prompting the neobank to immediately launch new transaction accounts into the market on Monday, as it seeks to attract Millennial customers away from the major banks with a data-driven, digital-only offering. Xinja joins four other new banks to win licences after passing scrutiny by the Australian Prudential Regulation Authority: 86400, Volt Bank and small business lender Judo Bank.
Latitude CEO Ahmed Fahrour is the latest to take on Afterpay and Zip, announcing 'buy now, pay later' deal with Harvey Norman
Mark Metcalfe / Getty ImagesAhmed Fahour. Latitude Financial Services chief executive Ahmed Fahour says the major banks are surrendering the personal loan market, allowing the non-bank lender to rapidly grow market share ahead of a potential ASX listing.
Volt Bank to take on the Big Four after being awarded a full banking licence
Gary Friedman/Los Angeles Times via Getty Images The prudential regulator has awarded Volt Bank an unrestricted banking licence, providing a green light for the startup to gather deposits and delivering it a leg-up among the group of new banks seeking to compete against the big four. Volt is the first so-called “neobanks” to progress through a new startup banking licensing regime established by the Australian Prudential Regulation Authority in the wake of the federal budget in 2017.
ASIC backs the RBA's warning on bitcoin's 'speculative mania'
The corporate regulator has backed Reserve Bank governor Philip Lowe’s warning that the fascination with bitcoin was a “speculative mania”. The Australian Securities and Investments Commission urged investors not to get “swept up” by hype as the price of the cryptocurrency surged and cautioned against buying something they didn’t understand.
The Coalition has delivered a 'direct smack' at Labor with the royal commission
The Turnbull government has moved to pay back Labor for helping force it into a humiliating backdown on a royal commission into the financial services sector by having the inquiry look specifically at industry superannuation funds and their union-dominated boards.
ANZ is changing its bonus rules to emphasise customer service over sales targets
Sales staff in ANZ Banking Group’s branches around the country were told this week that customer satisfaction will be a more important measurement than sales targets when their bonuses are calculated. ANZ has also dumped the use of so-called “accelerator payments”, which reward staff with a higher rate of commission as sales volumes increase. Nor will it use incentives based on cross-selling targets, or financial “gateways”, which set out conditions to be met before bonuses are paid.
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