It is understood that the group of more than 20 credit unions has been meeting to collaborate on a new mobile payment platform, with a pay-to-anyone feature high on the list of criteria for the new system.
A senior executive from one credit union present at the meetings said he was "pushing hard" for pay-to-anyone capability.
The meetings have been convened by the group's collectively owned electronic banking transaction provider Credit Union Services Corporation Australia Limited, which trades as Cuscal.
A spokeswoman for Cuscal confirmed that the meetings were taking place but declined to reveal details of which institutions were participating.
"We are in an early, exploratory phase, but undoubtedly mobile is an important and exciting area of innovation in terms of financial services products," the spokeswoman said.
Most banks offer their customers the ability to transfer funds to third parties through their online banking services.
However, the banks are hoping to lure newer generations of internet-savvy consumers with simpler, more convenient mobile payment methods that would allow consumers to pay each other using email address, mobile numbers and social networking accounts rather than requiring them to share bank account details.
Commonwealth Bank has led the field with its Kaching mobile application, which allows customers to make payments using email address or Facebook contact. Later this year CBA also will launch a dedicated Kaching Facebook app.
It is understood the credit unions are working on the new payment platform to supplement individual efforts to boost mobile banking services and to avoid a potential flight of younger customers to major commercial lenders.
One of the payment systems the group is believed to be assessing is Google's Android-based mobile payment platform Google Wallet.
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