National Australia Bank (NAB) is set to roll out a mobile banking app with capability to offer a 'digital credit card' that can be used for contactless transactions less than $100.

Scheduled to be launched later this year, the app will feature card transaction controls, which will enable the customers to immediately self-manage their personal Visa debit and credit cards through their mobile devices.

The app will include a 'digital contract' feature that allows customers to complete Visa credit card transactions through NAB Pay without having to wait for the physical card to arrive in the mail.

The card transaction control features will allow the customers to select and modify when and how their Visa debit and credit cards can be used. Furthermore, they can place a temporary block on any card that may have been lost or stolen.

National Australia Bank executive general manager of consumer lending Angus Gilfillan said: “This is a whole new platform for a new era of NAB mobile banking.

“Our new app will be fast and seamless, and has been designed to make banking as convenient and easy as possible for our customers.

“We want to give our customers more control over their everyday banking, and our new app will help them to do this with the tap of a button.”