We’ll be launching ‘xinja.me’ soon which basically allows someone to pay you really easily online if they owe you or they just want to give you cash because you’re fabulous. Great for you, super easy for them - no faffing with 'what are your bank details? 'etc.
How does this work with the $999 limit on the card? How would they know how much they can transfer? Or will the limit for those transactions be increased in case the new balance is $1000+
This will be really interesting and fun. Will it just be for P2P or B2C stuff as well? As in does it become a pseudo merchant terminal for those individuals running small businesses
Great point @ranciliomike - if someone pays or repays you via xinja.me the payment will be rejected if it takes you over the $999. All of this can be remedied for a deposit account - which we hope to launch subject to our receiving a banking licence - but meanwhile we still think this will be a useful feature and we are working on ensuring full clarity of what’s going on to both parties in the event of an amount being rejected.
@CaptainXinja that’s an awesome update.
Are we using the new payments platform to achieve this?
@DylanJ it’s not NPP actually - but has similar effect - we’ll be rolling out NPP a bit later.
Would be super interested if it could be adapted for SME companies.
I like free money.
What I’m wondering, as none of this is really clear enough in my opinion, is if this will be built to be like an actual digital payment system. As someone who is a big fan of China’s WeChat Pay and AliPay which are vastly superior to anything in the West, will Xinja function anything like this? Will it facilitate mobile payments? Or is it just a card on your phone and a way to view your transaction history? We already have peer to peer instant payment apps in Australia like Beem It, PayPal and Finch. If this will function in anyway like AliPay I’ll be looking forward to supporting it. If not I can’t say I could get behind this at all. Australia is already behind in this arena, it’s best not to waste time and resources creating systems that are less effective. I’m not expecting an improvement on that system but at least a localised copy. A clear outline of what Xinja will actually be and what it’s day to day use will be would be fantastic as it honestly isn’t clear whatsoever anywhere on the website. What I want to use it for is basically as AliPay is used. Will it work toward this or not?
Hi @Nathanael Nate - really good points. You are so right - Australia is so far behind in terms of payments and the fact that in China all a merchant’s got to do is stand on the side of street with a QR code on a piece of paper to take payment - securely and legally - from any passer by says it all! Apparently there was one day last year when AliPay took more in one day than the whole of Visa in a year!.
Whilst arguably everything is about payments (and your post has just set our CEO Eric off on a payments conversation again - so nothing is ever off the table)…we are not focused on big solutions at the moment that, to be frank, we can’t fund. We have applied for a banking licence and instead we are focused on coming at it from that angle. That said, who’s to say what a ‘bank’ is - and you might be interested in Eric’s blog ‘The future of retail banking…if there is one!’.
We have launched a prepaid card to get us going and to allow people to get to know Xinja. However, the prepaid card is not really the point - it’s more the app (which is in early stages) which currently, as you say, lets you look at your transactions, track your daily spend etc (and lots of features coming like peer to peer payments as you say but with split costs/the bill integrated). But this is what we are building (across products) and ultimately will help people manage their money a lot better (and a lot more easily) than typical banking constraints /solutions currently allow (no legacy systems and lower costs will contribute significantly to this). Again, the intention is to create the facility to move money around between accounts - and virtual accounts (earmarked money) really easily - with a swipe - to maximise interest earned and minimise interest paid. It’s to actually nudge people to make the small, every day changes - through the app - that ultimately (and cumulatively) lead to better financial outcomes. And this requires data and AI. We are certainly not there yet but we have begun. We are interested in open banking and the marketplace model and payments (and we anticipate much more integrated solutions) will come hand in hand with this. An instant AliPay for Australia, we aren’t, but we do intend to build a bank that helps people make the most out of their money.
Pragmatically, as well as the app and prepaid card, we have applied for a restricted banking licence, which we hope to get in a few months and after which we would launch deposit accounts. We are launching home loans imminently, and more broadly to the public again in a few months.
Well said C. best to stay true to the core for now! Because if you get that right, opens up the future cashflow to be able to attack so many other cool banking adventures!
Woo, I’m getting excited for my card to arrive!
Take some cool glow in the dark photos for us and I’ll send you some merch from the merch cupboard! Are you coming to the general meeting this Friday?)
Hey, I will do! I’m a total freshie to Xinja, so I wasnt aware the GM was on Friday. Do you have more details? i’d be keen to come.
Ahhh I see! It’s a meeting for shareholders so if you were a part of the initial investment rounds you would have got an invite. There should be a new round opening soon, so keen an eye out if you’re keen!
Will you be able to accept payments from overseas? Or just Australia to start with? I recently signed up for a Borderless account with Transferwise to help me in getting paid for freelance work I do with people overseas. I haven’t used it to receive any money yet, but I liked the idea I could receive money from someone in the US with them doing a bank transfer as if it was an account in the US (so no fees for doing it like there is with international transfers). Then I can hold those US dollars and convert it into AUD for a small fee and the actual exchange rate when I want. Business accounts don’t let you get a debit card, but personal ones do I think. Which means you can also use the card when you travel to spend money in that currency with no extra fees.
This could be a feature Xinja provide through APIs with TransferWise. As a fellow TransferWise user I’m a big fan of the borderless bank account.
Could someone like myself partake in the next investment round? Or is it only available to Australian citizens?
Hey man! No retail investment this time around, I’ll double check for you about nationality but I think it’s more about the level of investment, it’s a relatively restricted round to sophisticated investors. (Unless you’re a secret rich guy?)