New Zealand’s ASB Bank will unveil a new online payment system allowing customers to perform transactions solely by using their mobile number on 3 December.

The financial services provider says it will enrich its mobile banking offering with PayHere. Through this app, customers will be able to authorise payments from their accounts after typing their mobile number.

Shopping online using a credit card usually requires entering different kinds of information like credit card number, sort code and expiry date.

The new system is targeting at speeding up the transaction process, on the assumption that the majority of people remember their mobile number.

Russell Jones, ASB chief operating officer, strongly supports the bank’s plan. He states that the mobile device will become the primary payments platform.

Jones says that there are collaborations with payment gateways DPS and Paystation, to ensure the functionality of the app.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

"What we’re really trying to do is get the convenience of Eftpos and the comfort and trust that people have in the Eftpos system, and make that available online," he said.

Industry observers believe that PayHere will be a positive changing force to the payments landscape, while others have their doubts. For the app to be successful, it will require the engagement of customers and retailers.

ASB mobile users can already use a Mobile Business app as well as paying their friends on Facebook without using their bank account number.

Related Articles:

Yorkshire Building Society’s Website redesign catches mobile users’ attention

Mercantile Bank, Grameenphone sign deal to offer mobile banking services

Standard Bank, MTN Swaziland team up to roll out new mobile banking product