Commonwealth Bank has extended its lead in the mobile banking and payments space, with the launch of a new smartphone payment app for shoppers.
The initiaitive, in partnership with MasterCard and Samsung Electronics Australia, sees Commonwealth Bank become the first bank globally to allow customers with a Samsung Galaxy smartphone to ‘Tap & Pay’ for purchases. Using the CommBank app, customers can tap the phone against any Near Field Communication (NFC) terminal that support MasterCard’s PayPass technology.
“As Australia’s leading technology bank, we have successfully driven this innovation, working with MasterCard and Samsung, to bring our customers mobile payment solutions of the future, today,” said Angus Sullivan, executive GM cards, payments, analytics & retail strategy, Commonwealth Bank.
“Mobile wallets are poised to become a reality with the introduction of Tap & Pay, as customers embrace having greater control and access to their finances. Today marks the next step in the introduction of a mobile wallet into our everyday lives, simplifying the convenience of payments from our phones and laying the foundations for future innovations.”
Matt Barr, head of market development and innovation, MasterCard Australasia, said the future of mobile payments has now become a reality.
“Alongside CommBank and Samsung, we have built a world first offering that places the power of mobile payment technology in the hands of Australians. We know Australians already love using PayPass, as more than 30 per cent of MasterCard transactions today are made using contactless technology,” Barr said.
