Beem Payment Method: Is It Suitable for Casinos?

Beem Payment Method: Is It Suitable for Casinos?

Beem is a free-to-download mobile app that lets you digitally send and receive money in Australia. The payment service was launched in 2017, and it was initially owned by three leading Australian banks – Westpac, NAB, and Commonwealth Bank. In November 2020, Beem was acquired by the Australian payments provider – EFTPOS (Electronic funds transfer at point of sale), a part of the Australian Payments Plus Group (AP+). Read on as we further explain how Beem works and whether Australian gamblers should use it at online casinos.

About Beem Payments

Beem is a digital payment wallet, primarily used to pay and request funds to and from Beem users. It is integrated with Bpay – the Australian electronic bill payments service provider, allowing Beem users to pay internet, gas, and electricity bills directly from the app.

Beem has partnered with retail outlets like Coles and The Iconic and sends Cashback as Beembucks to the user whenever a payment is made using the service. Beem receives a commission from these retail outlets, which is their profit model. Beem also features loyalty rewards for regular users.

People can conveniently download the Beem it app on Android and Apple phones or make payments through the website. With over 1.5 million users in Australia, the app is fast becoming one of the go-to digital payment solutions.

How to Get Started With Beem? 

  1. Download the Beem it app on your iOS and Android devices. For Apple devices, you will need macOS 11.0 or later and 7.0 Android or later.
  2. Enter your name, email ID, and phone number.
  3. Next, you must enter your active MasterCard or VISA details.
  4. Additionally, you must provide your driving licence, Medicare card, or passport details to verify your identity.

How do I pay using Beem?

Only Beem users can mutually transact via the Beem it app. You should have an Australian bank account and link the debit card to the app to use this service. The payments can be made as direct transfers to the desired username in your contacts through your debit card or an EFTPOS barcode.

It works similarly to the Osko payment service, which is also used for interbank transfers. But with Osko, users can pay to a PayID or the desired bank account without downloading a separate app. 

Fees, Timeframes & Limits

Beem does not charge users any fees. However, your bank might charge some transactional fees for each payment.

Payments among Beem users are almost always instantly processed. For bill payments via BPAY, you must make the payment before 5 p.m. Sydney time on a banking day for it to show up to the billing company on the same day. Payments made after 5 p.m. Sydney time or on weekends and holidays will be processed on the next business day.

You can link up to five debit cards with your Beem account and transfer funds within them through the app. Beem has a $2,000 daily payment limit with a rolling monthly limit of $10,000. Similarly, you can request up to $2,000 from a maximum of 10 people, with a $10,000 monthly receiving limit per Beem account.

Security

Beem is an independent company backed by EFTPOS – Australia's largest e-payments system. The large user base in Australia also points towards its legitimacy.

Moreover, the information users share on the website is well-encrypted, and any suspicious activity is instantly flagged through their advanced algorithms.

You can contact the Beem customer service at [email protected]. The team is available from 9 am and 5 pm on all weekdays.

Can I Use Beem For Online Casinos?

Beem is not offered for deposits and withdrawals in online casinos. But looking at its popularity, the payment service is actively gaining momentum, and soon, you might see it on your casino's deposit page. Perhaps, a few years later, Beem will be able to compete with PayID, the leader in Australia for online casino deposits.

John Gold

John Gold

Editor-in-chief

Starting as a typical gambler, I was interested in how the industry works. And now, for more than 10 years, I see myself as a gambling expert. After trying out more than 500 pokies, I'm ready to share my insights and tell you what you need to look at to get a good gaming experience.