Commbank Kaching will redefine the way Australians pay each other, with the app enabling Commonwealth Bank customers to make peer-to-peer payments using a person's mobile phone number or email address. In a world-first, it will also extend this functionality to social networks through a user's Facebook friends.

The Commbank Kaching app also allows users to pay using contactless technology at MasterCard PayPass terminals. Users of the app can elect to purchase an iCarte case for their iPhone, which will turn their phone into a wallet. The case uses secure near-field communication (NFC) technology to allow contactless Tap & Go payments to be made. Importantly, the majority of the app's functionality can still be used without the iCarte case, which just enables contactless ability.

David Lindberg, Executive General Manager Cards, Payments and Retail Strategy, said the arrival of CommbankKaching heralds the beginning of a new and exciting journey in mobile payments and NFC technology.

"Commonwealth Bank is delighted and proud to lead innovation in this space, delivering a world-first app that we believe will help to transform the industry," said Mr Lindberg.

"The anticipation and appetite for this app has shown that Australia is one of the earliest adopting markets in the world. We're confident CommbankKaching will become the most popular banking app in Australia.

"This is just the first step in an evolving journey. Commonwealth Bank plans to roll out regular updates, with further enhancements and functionality of Commbank Kaching in the coming months." Mr Lindberg concluded.

In October 2011, Commonwealth Bank processed over 1 million MasterCard® PayPass™ transactions, demonstrating the exploding growth of contactless technology in Australia, both from consumers and merchants. Last week a major supermarket retailer announced that by July 2012, contactless readers will be installed in their supermarkets acrkets across Australia.

CommbankKaching reduces reliance on traditional payment methods and helps simplify everyday payments to anyone including friends, family, mainstream retailers and small businesses. As well as enabling mobile payments via NFC, email, mobile and Facebook, Commbank Kaching also allows users to check and transfer money between their accounts, in addition to paying bills using BPAY®.

Security is a top priority for the Bank, and CommbankKaching has been developed with customer safety firmly in mind. Commbank Kaching's 100% Security Guarantee, covers customers for any fraudulent transactions, resulting in the customer being refunded in full. The app also has password encryption technology which ensures that a lost or stolen phone will not allow 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. Any funds not collected within 14 days are credited back to the payer, as an additional precaution.

Following the Bank's announcement of Commbank Kaching in October this year, over 18,500 people have pre-registered to download the app on its release. Commbank Kaching is available to Apple iPhone users running iOS4.2 or above, with the iCarte cover compatible with iPhone 4 and iPhone 4S. An Android application is currently in development.

Download CommbankKaching from the App Store: