Bank of Queensland (BOQ) recently announced a partnership with online and mobile payment process firm Square in an effort to support small businesses in Australia. This move is a major one in a nation where 97% of businesses identify as small businesses, employing under 20 people and generating less than AU$10 million in revenue. “According to BOQ general manager for SME Banking Greg Pink, the partnership gives the bank’s small business customers “greater access to payment options” when it comes to running their business.”
The partnership will help in face to face purchases and will offer a free processing fee for the AU$1,000 in business sales.
According to Zdnet, Australia “has one of the highest usage rates of contactless payments” with Mastercard and Visa reporting that 80% and 92% of Australian purchases occurring during face to face tap and go type transactions, respectively.