Thanks to a new app, Commonwealth Bank customers now have two choices for making contactless payments. The app combines with the CommBank Pay Tag to provide customers with access to Paywave or PayPass payment options. PayTag is a sticker which can be attached to the back of your smartphone. It is ordered through the app for a cost of $2.99.
The app has another feature: it allows some Android phones to access the internal NFC hardware. According to Angus Sullivan, Executive Manager of Cards, Payments Analytics and Strategy for Commonwealth Bank, CBA wants to allow their customers to have the benefits of NFC contactless payments no matter who is building their smartphones.
CBA’s internal data indicate that logins through mobile apps have increased from 12% in 2010 to a current level of 56%. CBA is now in the process of amalgamating all of their existing apps into their new, updated CBA app as part of the roll-out of the PayPass sticker. The app will allow their customers to make payments via the Apple iPhone Bump System, Facebook, QR code or email.
To help allay the fears of many customers that the new technology won’t work as planned, CBA is offering a 100% guarantee that customers will get their money back if anything goes wrong with any transactions. The guarantee does come with a caveat, though—the customer must report the breach immediately and prove that they took reasonable precautions to protect their passwords and login details.
There is no firm release date for the app. However, CBA has said that they are “accelerating” their efforts to bring the app to market and plan to avoid releasing one app months before the other.
What Does This Mean to You?
To us, it’s another example of how a functional app that solves a problem will probably become ubiquitous in the coming years. We think this will be the first of many such apps, eventually making it easy for consumers to make payments.
Major companies know that we are using mobile devices for more and more applications in our daily lives and want to get their “slice of the pie.”
If you are interested in iOS or Android app development, call 1300 650 253.