Australian digital wallet Beem It has lost ‘it’. They’ve rebranded to just ‘Beem’, but you’d be forgiven for thinking the rebrand was to /oeem.
Beem It started its life back in March 2018. It was the brainchild of the Commonwealth Bank of Australia, NAB and Westpac, with the intention to run the payments organisation like a startup. It was then scooped up by payments giant Eftpos in November 2020.
Beem It, now Beem, is a way to transfer money in real-time to friends via an interface that looks more like a social media app.
The company says the app is used by 1.5 million customers. I used it once, and it was fine, but the not-so-new New Payments Platform has allowed me to make instant payments to friends via their PayID for a few years now, without feeling like I’m posting a status update. In saying that, today’s rebrand also comes with the promise of “elegance”.
“We’ve been Beem It for a long time and as we keep evolving and adding new functionality to the app, saying ‘Beem It’ just didn’t roll off the tongue or encapsulate who we want to be,” CEO Mark Britt explained.
“It was time to shed the IT and make way for an all-new Beem, which fits perfectly our aspiration to become Australia’s digital marketplace.”
The rebrand, however, also comes with an overhauled user interface and a rewards program, known as Beem Rewards. Britt says the rewards program “gives businesses a potent new platform to connect with customers and foster better understood relationships”.
Eftpos has plans to build an Australian digital marketplace that “aims to deliver on the unique needs of Australian consumers and merchants, and flourish through facilitating exceptional customer experiences”.
/oeem me up, Scotty.