KBB Morning Snapshot

February 20, 2013, 9:11 am Kochie's Business Builders Yahoo!7

Mobile Wallets Ready For Rollout ~ Rate Cuts Could Be Over ~ SA Small Bars Get With The Times

KBB Morning Snapshot
Mobile Wallets Ready For Rollout

In the first sign of widespread rollout of mobile phone payment technology Coles has announced a trial of an app that allows Coles MasterCard customers to pay using their smartphones.

Near field communications (NFC) technology enables smartphones to communicate with other devices containing an NFC chip. Users will be able to purchase goods by simply waving their smartphones over a MasterCard PayPass reader.

The app is the result of a partnership among Coles, GE Capital Australia, Gemalto, MasterCard and Vodafone Hutchison Australia. The trial will run three months, but Coles says the app could be publicly available within 12 months.

Rate Cuts Could Be Over

Borrowers shouldn't hold their breath for an interest-rate cut next month as the Reserve Bank adopts a wait-and-see attitude, according to the minutes from its February 5 board meeting released yesterday.

The RBA said there were signs, including a firming housing market, and some traction in the spending recovery, that the low cash rate was starting to stimulate economic growth.

“If events outside Australia stay as they are, we are likely to have seen the bottom of this interest rate cycle,” Kochie points out.

“The current 3 per cent cash rate is considered an emergency level by the RBA, so to go below it would require some pretty sincere provocation.”

Related: Kochie On What's Next For Rates

SA Small Bars Get With The Times

In a huge step forward for the small bar scene in South Australia, residents and businesses will be stripped of rights to object to liquor licences for small venues under new legislation.

The Government is keen to make it easier for entrepreneurs to set up small city bars for up to 120 patrons to help bring some of the vibrancy of Melbourne and Sydney to Radelaide.

"Other cities around Australia did this sort of a decade ago, South Australia's been well behind the eight-ball, so we're glad the Government has come to the party on this one and made sure that this legislation's gone through." Ian Horne of the Hotels Association beamed.

Related: Why Opening Your Own Bar Is A Tough Gig