ASB, a New Zealand-based bank owned by Commonwealth Bank of Australia, in partnership with Visa is set to introduce a new mobile payment technology, ASB PayTag.
PayTag is a sticker that can be attached to a smartphone, which upon scanning in front of a scanner enables customers to make purchases of up to $80.
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ASB technology & innovation executive general manager, Russell Jones, said the ASB PayTag pilot will launch in May, with a full commercial launch planned to follow in the third quarter of 2014.
Built on Visa PayWave technology, the ABS PayTag works on both near field communication (NFC) enabled smartphones and non-NFC enabled phones, however the payment terminals must be NFC enabled.
ASB said PayTag contains an ASB contactless chip, and just like contactless credit and debit cards, users do not need a PIN number unless a payment being made is more than $80.
"With the sticker attached to any mobile phone, customers will be able to hold and pay in exactly the same way that the existing ASB Visa contactless (credit and debit) cards work, eliminating the need to carry a physical wallet.
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By GlobalData"The value of ASB PayTag is that it integrates seamlessly with ASB’s mobile banking app giving customers the ability to link the sticker to their preferred payment account. Customers have unprecedented levels of control, allowing them to self-select the account from which the payment is debited," ASB added.
