Commbank Kaching a world-first
(26 October 2011 – Australia) On Tuesday Commbank Kaching was unveiled by Commonwealth Bank (CBA), it is a world-first in mobile technology to redefine the way customers can pay.
Commbank Kaching combines peer-to-peer payments via the phone’s contacts and email addresses, and in a world-first; social payments via a user’s Facebook® friends along with NFC contactless technology, making it the most all-inclusive payments app on offer by any banking institution in Australia and abroad.
Commonwealth Bank has experienced enormous growth in its online banking service, NetBank in recent years. Figures reveal that in August this year, over 16 million logons were made to NetBank using a mobile device. This represents a 229% increase from the same period last year.
David Lindberg, Executive General Manager Cards, Payments and Retail Strategy said the new app would reduce the reliance on traditional payment methods and transform and simplify day-to-day payments to anyone, including friends, family, mainstream retailers and small businesses.
"Mobile and online social payment is the next step in transaction technology. Already, more than half our 10 million customers own a smartphone, and Australians are 65 percent more likely than the British to bank on their phones.
"Now, for the first time, Australian consumers will no longer have to rely on cash or cards to make payments to family, friends or even businesses. The recent explosion in uptake of digital and smartphone technology has revolutionised how we all transact, interact and communicate with each other, and this new application will make the dream of mobile payments a reality," said Lindberg.
MasterCard Australia Country Manager, Andrew Cartwright said the strong and sustained growth in MasterCard® PayPass™ transactions demonstrates a real demand for innovative payments products that genuinely make life easier for consumers.
"Commbank Kaching represents the next, exciting evolution for contactless payments, giving customers the power to pay with their smartphone at any of the 42,000 PayPass terminals across Australia."
Security is always top priority for Commonwealth Bank, and CommbankKaching is no different. Password encryption technology ensures that a lost or stolen phone will not enable someone to access a user’s personal banking details. The app is authorised to be used on only one handset, and no personal banking information is stored on the phone.
Receivers of payments are also protected, with all un-retrieved funds being credited to the payer after 14 days.
As well as enabling mobile payments via NFC, email, mobile and Facebook, Commbank Kaching also allows users to check and transfer money between their accounts, in addition to paying bills using BPAY®.
Commbank Kaching will be available to Apple iPhone users with iOS4.3 and above in the coming months, with the iCarte cover compatible with iPhone 4/4S.
Commonwealth Bank has experienced enormous growth in its online banking service, NetBank in recent years. Figures reveal that in August this year, over 16 million logons were made to NetBank using a mobile device. This represents a 229% increase from the same period last year.
David Lindberg, Executive General Manager Cards, Payments and Retail Strategy said the new app would reduce the reliance on traditional payment methods and transform and simplify day-to-day payments to anyone, including friends, family, mainstream retailers and small businesses.
"Mobile and online social payment is the next step in transaction technology. Already, more than half our 10 million customers own a smartphone, and Australians are 65 percent more likely than the British to bank on their phones.
"Now, for the first time, Australian consumers will no longer have to rely on cash or cards to make payments to family, friends or even businesses. The recent explosion in uptake of digital and smartphone technology has revolutionised how we all transact, interact and communicate with each other, and this new application will make the dream of mobile payments a reality," said Lindberg.
MasterCard Australia Country Manager, Andrew Cartwright said the strong and sustained growth in MasterCard® PayPass™ transactions demonstrates a real demand for innovative payments products that genuinely make life easier for consumers.
"Commbank Kaching represents the next, exciting evolution for contactless payments, giving customers the power to pay with their smartphone at any of the 42,000 PayPass terminals across Australia."
Security is always top priority for Commonwealth Bank, and CommbankKaching is no different. Password encryption technology ensures that a lost or stolen phone will not enable someone to access a user’s personal banking details. The app is authorised to be used on only one handset, and no personal banking information is stored on the phone.
Receivers of payments are also protected, with all un-retrieved funds being credited to the payer after 14 days.
As well as enabling mobile payments via NFC, email, mobile and Facebook, Commbank Kaching also allows users to check and transfer money between their accounts, in addition to paying bills using BPAY®.
Commbank Kaching will be available to Apple iPhone users with iOS4.3 and above in the coming months, with the iCarte cover compatible with iPhone 4/4S.
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