But we’re getting into future roadmap territory here, let’s focus on the basics for now…Ĭreating this conversational view when you build your own payments platform such as Venmo (in the US) or the Australian analog, Beem It, is relatively straight-forward. This will make splitting bills with friends or collecting money from a group of friends for a concert much simpler than it is today. Initially we’ll support a single “conversation” between you and each of your contacts but eventually this threaded approach will allow for more than two participants. We think this view should be similar to the one you’d have in WhatsApp, iMessages or any other modern messaging platform.Ī preview of a payment thread in Up: a single place to view your activity with a friend. We think payments between you and your friends belong together, whether they are payments in or payments out. There’s no easy way to see when a friend last paid you (or you, them) let alone to use that context to inform making a new payment. Payments out are usually made by filling in a “Pay Anyone” form, with saved payees used to make completing the form faster while payments in are treated no differently to any other deposit to your account. In the meantime we wanted to provide this brief introduction into how we’ve approached payments.Īt the core of our approach is this central premise: We believe payments are a conversationīanks have traditionally represented payments as two separate halves: payments out vs payments in. We’re excited to show you our ambitious vision for what a modern payments platform can be. In the next few weeks or so we’ll be releasing version 1.0 of payments to all Up customers. The area of payments presents one of the bigger opportunities for innovation and improvement in banking, but also exerts the greatest challenge on us to remain truly forward-looking and uncompromising while maintaining compatibility with industry standards. What could a banking platform look like if was built from scratch today, freed from legacy and designed from the outset to embrace the capabilities of current technology? In an earlier post on this blog we described how one of our core aims in building Up is to explore the following question: (Already an Up customer and looking for your PayID in-app? Go to Up > Payment Settings > Up Spending)
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