How Bendigo Bank’s Redy app works
Bendigo and Adelaide Bank have this evening (morning Australian time) unveiled Redy mobile payments application, after close to more than a year of piloting its customers with the promise of a new mobile payment service. According to information released, Redy will be available both as an Android and iOS app hence allowing customers to make purchases on mobile devices, earn rewards on purchases, and choose to use the rewards for future purchases or donate them to charities and local community groups. To effect any purchase, consumers will be asked to scan QR codes displayed on tablet-based point-of-sale machines installed at participating merchants. Merchant will enter the purchase amount into the Redy-enabled tablets powered by Samsung, which generates a QR code for the customer to scan with their mobile device. Once scanned, the customer is given the option of approving the purchase.
Funds are then drawn from the user’s Bendigo Bank, Visa or Mastercard accounts through Mastercard’s Strategic Payment Services payment processing platform. Real-time rewards termed “creds” by the bank will be awarded to the shopper for each purchase. A cred is worth half a percent of the total purchase price. There is a daily transaction limit of $1000, and each transaction incurs fees of 1.5 percent of the purchase price. Merchants using the Redy service are required to have a Bendigo bank account. The Redy mechant terminals are only available from Samsung and are leased to merchants at $25 per month. The devices have a refund capability that can instantly reverse a transaction. The service is available immediately to shoppers and businesses in Adelaide, Melbourne, Bendigo, Geelong, South West Queensland, Tasmania, and Victoria’s Yarra Ranges. Bank’s IT team is expected to continue adding functions to the service over the coming months, including deeper analytics for merchants, person-to-person payments and gift cards.
Information supplied by a coder’s blud involved in the project.