Bank of New Zealand and Vodafone have kicked off internal trials of mobile wallet technology using NFC-enabled Samsung Galaxy S2 handsets.
The three-month trial, involving 44 staff from BNZ and Vodafone in Wellington and Auckland, stores Visa payment card data on a secure chip embedded inside the SIM. Participants are able to access an app on their smartphone to view their transactions, which are updated in real time.
BNZ's head of channels innovation, Paul Tait, believes the technology being trialled holds great potential for the future of mobile payments.
"What we're testing here is the viability of a true, mobile wallet that will eventually allow people to replace multiple pieces of plastic with functionality embedded inside their phone. It's going to make smartphones even smarter," he says.
BNZ has created a mobile banking software team at its head office in Wellington to build its own online banking apps. In July, the bank reported $1 million in transactions within four days of launching its first mobile Web site and iPhone app.