Helping their Customers Recover their Portion of A$6.2B in ‘Mate’ Debt
During market research, mobile payment startup Beem It found that “mate” debt in Australia is worth an estimated A$6.2B. This is why three of Australia’s largest banks — The Commonwealth Bank of Australia (CBA), the National Australia Bank (NAB), and Westpac — entered into a joint venture to address the problem with Beem It. But potential customers told Beem It’s researchers that they didn’t want another bank account — recovering payment needed to be fast and easy — and secure — to keep from detracting from the moment.
But with challengers like Apple Pay and Google Wallet also addressing Beem It’s core demographic of every Australian over 18, the Beem It team needed a fast, effective launch. “We wanted to keep our very small, lean team focused on the big job of making payments simple and easy rather than diverting focus on building authentication, which Auth0 has already solved,” says Beem It’s Chief Product & Development Officer Deepesh Banerji.
Initial integration took only a couple of days, says Banerji, with support from Auth0’s strong team and documentation as they added more complexity with two-factor authentication (2FA).
In addition to a smooth sign-on experience, security is a pressing issue from Beem It’s customers since payments directly access Mastercard and Visa debit cards. Banerji says they rely on bank-level security and encryption to keep transactions secure and as well as Auth0’s strong security practices — critical in for an industry where customer happiness also relies on a safe and secure experience.
In addition to supporting Beem It during their rapid launch cycle, Auth0 is helping make sure Beem It’s customers remain consistently safe, says Banerji. “Auth0 has a large team and a wide array of use cases and partners, which ensures security loopholes are constantly being patched and refined faster than our small team would be able to chase out those refinements.”
The app’s ease of use has earned Beem It a five-star rating on the App Store, with more than 1.6K reviews, with customers using it prolifically to split lunches, dinners, and nights out, as well as shared household expenses such as bills and rent.
Beyond splitting the personal check, Beem It is also trialing with local businesses, specifically finding an affinity with personal trainers, fitness coaches, swimming coaches, and nannies who find it convenient to be paid at the time of service rather than via an invoice.
“Auth0 has a mature platform that allows us to have an elevated customer onboarding experience that’s also safe. In addition, Auth0 doesn’t make it as cumbersome. So the safety combined with the easy, reliable sign up translates into customer happiness,” says Banerji.