Commonwealth Bank of Australia has unveiled Kaching, a mobile phone application and case capable of conducting NFC-based, e-mail P2P, and Facebook payments from a single handheld device.
It’s good to see a bank putting mobile payments right at the centre of its customer relations. A really positive step, and given Australians’ far greater tendency to use mobile payments, this could be a case of Oz taking the lead again. But I’m surprised
that the 1.30 minute accompanying video doesn’t mention security once, given that security concerns regularly show up in surveys as the main reason for customer caution about mobile payments. It’s great for new-style payments to be so easy, customers need
to know that they are secure. There is a great opportunity for some customer education and winning mind-share here
Pat, from the Commbank PR: "Security is always top priority for Commonwealth Bank, and Commbank Kaching 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."
Excellent salary with uncapped commissionMilton Keynes
© Finextra Research 2013