East & Partners

CBA partners with Kounta, a cloud based cash register

(14 March 2016 – Australia) Australia’s biggest bank, Commonwealth Bank (CBA) has combined a cash register and stock management on the one device, via a partnership with Australian cloud-based cash register Kounta on its Albert mobile sales tablet.

The bank says it is a “world first” in payments technology.

"Having payments and point-of-sale on one device is, in fact, unique. If you jumped on a plane to New York and dined at its finest restaurant, you would not get this customer experience. Australians are enjoying a world first," said Claire Roberts, CBA's executive general manager local business banking.

Kounta is a fully online cash register and inventory management system. This allow businesses to use iPads or iPhones to take payments from customers in stores for goods. The system is connected with inventory and accounts to record the purchases for supply and accounting purposes.

Kounta has also integrated with accounting software MYOB, which took a minority stake in the technology platform in 2014. Both systems can be used on any mobile device.

Nick Cloete, Kounta Founder, said “As it stands, existing legacy POS systems limit the movement of retail and hospitality staff. They have to complete orders and payments at static computer and EFTPOS payment stations — a system that’s now extremely outdated and not suited to the modern customer.”

The bank’s in-house point-of-sales tablet was a ‘first mover’ in the industry, launching in 2012 before many of the new entrants.

The payment device market is quickly becoming saturated as international players enter. The most recent, Square launched its payment device last week. Although it does not offer contactless payments, Square is the smallest device in the market and the cheapest, costing $19, in addition to 1.9 percent for each transaction.

Local payment service provider Mint (partly owned by MYOB), and US based PayPal offer larger, more expensive terminals, however they do allow contactless payments, as does CBA’s Albert.