CBA taps-n-goes with new card technology
(7 April 2006 – Australia) Commonwealth Bank is set to trial MasterCard "PayPass" contactless payment technology on its next generation credit card.
The "tap-n-go" technology works like motorway e-tags, with no PIN or signature required for transactions.
"Cardholders simply hold the "tap-n-go" credit card up to a MasterCard PayPass terminal on the merchant’s counter, wait for a beep, and the purchase is done," CBA group executive, Retail Banking Services, Michael Cameron said.
The new service will be trialled by 150 merchants north and south of Sydney, on the Central Coast, Sutherland Shire, and Wollongong.
7-Eleven and Subway stores will participate in the trial.
"This new payment option will be great for small businesses, as well as customers. Less money handling and quicker processing of customer transactions could result in smaller queues for many retailers," Cameron said.
He said local retailers had been supportive of the initiative and the bank expected more to join the trial over coming weeks.
CBA said it was the first bank in Australia to use the technology.
Cameron said the technology had been used successfully in the US and other countries and that there had been no increase in fraud or security concerns.
"We are very confident in the security of this technology," he said.
"Cardholders simply hold the "tap-n-go" credit card up to a MasterCard PayPass terminal on the merchant’s counter, wait for a beep, and the purchase is done," CBA group executive, Retail Banking Services, Michael Cameron said.
The new service will be trialled by 150 merchants north and south of Sydney, on the Central Coast, Sutherland Shire, and Wollongong.
7-Eleven and Subway stores will participate in the trial.
"This new payment option will be great for small businesses, as well as customers. Less money handling and quicker processing of customer transactions could result in smaller queues for many retailers," Cameron said.
He said local retailers had been supportive of the initiative and the bank expected more to join the trial over coming weeks.
CBA said it was the first bank in Australia to use the technology.
Cameron said the technology had been used successfully in the US and other countries and that there had been no increase in fraud or security concerns.
"We are very confident in the security of this technology," he said.
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