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NAB M-Payments now on Trial

NAB M-Payments now on Trial

(29 August 2008 – Australia) NAB, along with VISA and Telstra, has announced the launch of a contactless mobile payments trial in Melbourne’s Docklands. The trial, involving 200 participants and 12 merchants in the Docklands area of Melbourne, will run over the coming months and will enable Telstra, NAB and Visa to assess Australian consumers’ and retailers’ reaction to this payment option.

While the trial of the mobile payments technology was first signalled by NAB late last year, it is now underway.

Contactless mobile payments are considered a convenient and easy replacement for cash. It is ideal for fast, simple, low value transactions.

In this trial, transactions under $35 such as buying a coffee, lunch or a magazine can be made.

Compared to cash, payment via a contactless mobile phone provides enhanced transaction security, along with the ability to have the payment application quickly deactivated should the consumer lose their phone.

NAB chief operating officer, Retail Banking, Lisa Gray, said that in addition to the benefit for retail customers, merchants availing of this new payment option can benefit from the faster transaction times and reduced need for cash handling.

Visa’s general manager, Australia and New Zealand, Chris Clark, said that research indicates that contactless mobile payments are two to three times faster than an average cash transaction.
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