18 February 2018
visit www.nextgenbanking.co.uk/

CBA trials MasterCard contactless payments technology

05 April 2006  |  10286 views  |  0 Mastercard - PayPass

The Commonwealth Bank of Australia (CBA) is the first bank in the country to trial MasterCard's PayPass contactless payment technology as an alternative to low-value cash payments.

CBA says around 35,000 customers in New South Wales (NSW) will take part in the six month trial and will be issued new cards featuring MasterCard's RFID PayPass technology.

The contactless payment cards can be used at more than 150 merchants, including 7-Eleven and Subway outlets to pay for purchases under $35.

Michael Cameron, Commonwealth Bank group executive, retail banking services, says the 'tap-n-go' technology will enable hassle-free small credit card transactions, providing customers with a fast and convenient alternative to cash.

"This new payment option will be great for small businesses, as well as customers. Less money handling and quicker processing of customer transactions could result in smaller queues for many retailers," says Cameron. "Local retailers have been overwhelmingly supportive of the initiative, and we’re expecting that more will join the trial in coming weeks."

MasterCard says to date there are more than five million PayPass cards and devices with more than 25,000 merchants accepting PayPass globally.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

JCB agrees to MasterCard contactless payments protocol

JCB agrees to MasterCard contactless payments protocol

14 March 2006  |  7493 views  |  0 comments
Royal Bank of Scotland targets cash with contactless card technology

Royal Bank of Scotland targets cash with contactless card technology

08 February 2006  |  14243 views  |  0 comments
HSBC begins MasterCard PayPass roll out in US

HSBC begins MasterCard PayPass roll out in US

14 September 2005  |  10188 views  |  0 comments
Citibank to roll out MasterCard PayPass contactless keyring

Citibank to roll out MasterCard PayPass contactless keyring

25 August 2005  |  14787 views  |  0 comments
MasterCard contactless payments to feature at US cinemas

MasterCard contactless payments to feature at US cinemas

26 April 2005  |  9345 views  |  0 comments
Contact sports fans go contactless with MasterCard PayPass

Contact sports fans go contactless with MasterCard PayPass

22 February 2005  |  7567 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit https://www.capgemini.comvisit www.ebaday.comvisit www.swift.com/your-needs/instant-payments

Who is commenting?

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
10462 views comments | 16 tweets | 11 linkedin
Aussie real-time payments platform goes liveAussie real-time payments platform goes li...
8247 views comments | 15 tweets | 41 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
7732 views 10 comments | 21 tweets | 26 linkedin
hands typing furiouslyHow can Blockchain Help with AML KYC
7609 views 3 | 9 tweets | 4 linkedin

Featured job

Basic c. EUR 90K OTE c. EUR 180K plus full bene...
Paris (preferred) or London

Find your next job