Happy Monday Flux Fam!

*Drum roll pls*...

BIG congrats to our Flux Quiz winner Andrew G (*not the Bachelor host). Also a shoutout to Sabine for just missing out. Literally, by the skin of ya teeth! 

If you missed out, don't stress. We are BACK again. This time around - $100 Uber Eats voucher. You deserve it.

Today's big stories

💰 The RBA is dipping its toes into the crypto-world

👛 Apple wants us to throw out our wallets

💳 Mastercard wants a slice of the open banking pie

Oh, and get this...

The Government's new Your Future, Your Super almost claimed another victim...Rest Super. Yep, this crew manages the super of around 1.8 million young Aussies, but it almost failed the test. After re-submitting new data, they just passed.

The RBA is testing out a digital currency for cross-border payments

Background: The Reserve Bank of Australia - aka the RBA is responsible for Australia's monetary policy. In other words, keeping Australia's economy humming along nicely. Not too hot, not too cold...just right.

What happened: The RBA changes our interest rates, issues our currency...but one thing it hasn't had a firm grip on is cryptocurrency. But now it's diving head-first into an international digital-currency project called Project Dunbar. 

What else: Project Dunbar will test whether central bank digital currencies (CBDCs) could make cross-border payments cheaper and quicker than they are today. 

So what's the key learning?

💡Cross-border payments have become a critical part of our economies going global. But, it's fair to say it's been dominated by the large financial institutions.

💡Here's how it works: when you want to send $1,000 to your aunt in Switzerland, it has to go through a network of banks. And there are a lot middle-men-and-women involved in this process:

• Your local bank in Australia
• A corresponding bank network of multiple banks
• And then the local bank in Switzerland (or anywhere else). 

💡And it hits us, too. Aussie banks rake in currency conversion fees of nearly 3% - and as much as 4% - when we make overseas transactions. But with CBDCs, banks can transact directly - and instantly - with each other. Which should remove a whole lotta unnecessary costs.

Apple is trying to make our physical wallets a thing of the past

Background: Apple has partnered with 8 US states in a pilot to launch a digital driver's licence. It'll be stored in Apple Wallets on iPhones and Apple Watches. And this is just the beginning.

What happened: It'll be as easy as uploading a credit card in your Apple Wallet. Scan your ID, take a quick selfie and do some biometric scanning using the FaceID feature for extra security. No more stressing about losing your ID on a night out. 

What else: Unlike in NSW where you can store your ID in the Services NSW app, this version of your ID will be stored in your Apple Wallet. It means all your important cards and deets are in the one spot. The big Q is - when will it hit Aussie shores?

So what's the key learning?

💡Apple wants to become your numero uno, your go-to, your only partner-in-crime when you leave the house. They're replacing your crumb-filled wallet with a digital version. 

💡Think about it: Apple's already got our credit cards, transport cards, boarding passes and even our Woolies rewards cards in there. And there's no telling how far they'll go in their plan to be the only thing we need when we leave the house. 

💡But the digital ID market is set to be worth a massive US$49.5 billion by 2026, so Apple will have some stiff competition up ahead. 

Mastercard wants a slice of the open banking pie

Background: Mastercard is the $454 billion US payments and tech company. And while its bread and butter is issuing credit/debit cards and payment terminals, it's a little more forward-thinking than you'd think.

What happened: Earlier this year, Mastercard said they'd start supporting select cryptocurrencies directly on their network. And now, they want in on Australia's new open banking system.‍

What else: This crew have now applied to become accredited as a data recipient in Oz. In other words, they've applied to receive bank account data from customers that consent to it. It's a big step in their plan to be seen as more than just a card company.

So what's the key learning?

Background: Mastercard is the $454 billion US payments and tech company. And while its bread and butter is issuing credit/debit cards and payment terminals, it's a little more forward-thinking than you'd think. 

What happened: Earlier this year, Mastercard said they'd start supporting select cryptocurrencies directly on their network. And now, they want in on Australia's new open banking system.‍

What else: This crew have now applied to become accredited as a data recipient in Oz. In other words, they've applied to receive bank account data from customers that consent to it. It's a big step in their plan to be seen as more than just a card company.

Men's health can actually be made easy?!

Background: We know guys love to talk about all things biz... But one thing guys really don’t like to talk about is health. In fact, just 35% of men have a health check at least once a year.

What happened: The crew at men’s healthcare company Mosh reckon we need to start talking. Even if it’s about stuff ya don’t really want to say out loud, like *cough* hair loss, *clear throat* erectile issues, *look away* ageing, pimples and mental health.

So what's the key learning?

💡Through Mosh, you can seek affordable and clinical treatment for hair loss, erectile issues, skin issues and mental health.

💡And, it’s 100% online. Which means you don’t need to get the heebie jeebies about doing it in-person.

💡Just head to getmosh.com.au and get 25% of your first order with code FLUX25.

(Recurring subscriptions revert back to original price. Terms apply. Offer ends 30/09/21)