The Bendigo and Adelaide Bank group is preparing to launch a payments and loyalty scheme called ‘redy’ which will allow users to make payments and earn cash rewards using a mobile device.

Details of the product are contained in correspondence between the bank and the Australian Competition and Consumer Commission, sighted by iTnews.
The bank sought and obtained legal protection from the regulator for “third line forcing”, which occurs when a supplier forces a customer to use the services of a third-party in order to acquire the product or service it is offering.
In this case Bendigo and Adelaide Bank’s service will be tied to a set group of merchants.
A spokesperson for the bank confirmed a "low-level pilot" of the product was underway but declined to provide further details.
The redy service will allow customers to purchase goods using their mobile, earn rewards on the purchases, and then donate the value of the rewards earned to charities or local community groups, according to the ACCC filing.
“The redy system will compete with a number of other payment systems, such as eftpos payment facilities, other bank merchant facilities, credit and debit cards, direct deposit, ATMs and online payment services (such as PayPal and a range of mobile phone payment services offered by Apple and Google,” the bank stated in the document.
It said 200 customers and 10 merchants would be involved in a trial of the service. It does not expect to exceed 10,000 customers and 300 merchants within the next 12 months following an official launch.