Australia’s Commonwealth Bank (CommBank) has unveiled a contactless payment system, marrying its instant-payment system with MasterCard’s new payment sticker.
Combining two of its mobile services, CommBank and Kaching, the resulting app integrates banking payments and transactions on compatible smartphones, including Windows 8 devices.
The system comprises a MasterCard ‘Pay Tag’ sticker, available for customers to purchase for AUS$2.99 ($2.89).
Containing a short-range antenna, the sticker can then be attached to the back of their smartphone, from where it can process transactions via near-field-communication (NFC) technology.
Equipped with a memory chip capable of storing account details, the tag removes the need for direct data connection with the phone, with customers selecting the account to use via the CommBank app and completing the transaction via the bank’s back-end IT system.
Lisa Frazier, executive manager of digital channels at CommBank, cited this independence from smartphone technology as one of the main reasons the bank chose to develop a service capable of bypassing some phone’s lack of NFC technology.
"We’re very happy to have created this solution because it does mean we’re not dependent on the phone manufacturers [and] allows us to be more flexible and have agility to create this option for customers," she said.
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