National Australia Bank (NAB) has rolled out its mobile payment service NAB Pay, which allows customers to make purchases without the need for a physical card.
The service is available as part of the NAB Mobile Internet Banking. The bank’s customers with a compatible Android mobile device and a NAB Visa Debit Card can start using NAB Pay service right away.
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The service – which is backed by Visa – makes NAB the first bank to use Visa’s Tokenisation Service as the mobile security platform.
Visa Token Service replaces user’s credit card number with a unique digital ‘token’ that can be used for online payments, without revealing sensitive account information.
NAB executive general manager for consumer lending Angus Gilfillan said: "Tokenisation improves protection for customers because physical card details are never used in the payments process, reducing the risk of fraud.
"Our partnership with Visa is enabling us to significantly invest in our credit and debit card portfolio and act more quickly to deliver innovative solutions for our customers – as today’s announcement shows."
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By GlobalData
