One of the first range of products available for merchants will be iPhone and iPad 'PAYware' sleeves. The sleeves will also be used to roll out technology upgrades on the fly, removing the need for any additional infrastructure.

Additionally, VeriFone's open platform enables retailers to develop their own apps without bank certification, offering faster innovation and quicker time to market.

The new point of sale devices could change the way merchants run their business by eliminating the need for a till in the store, says NAB. Mobile or tablet payment terminals can double as an 'online catalogue', linking to goods in warehouses which can be purchased and delivered, reducing the amount of stock businesses need to keep on site.

NAB is also working with VeriFone on rolling out new Eftpos terminals over the coming weeks. The terminals will feature colour and touch screens, embedded contactless readers, and a better ergonomic design and user interface, says the bank.

NAB's strategy is in contrast with neighbouring Commonwealth Bank, which in July unveiled plans to develop its own range of point-of-sale tablets, mobile attachments and app store.

David Gall, executive general manager, working capital services, NAB says: "The partnership aligns with NAB's strategy of working with global technology providers and allows us to bring the best of both worlds to our business customers - we maintain our focus on relationship banking, while providing our customers with access to world-class payments technology."