Contactless Payment Technology new face for credit cards
25 September 2009
A new technology is being introduced to the Australian credit cards and banking market that is designed to speed up the payment process across various merchant outlets for the benefits of customers on-the-go.
National Australia Bank and Visa have announced that they will soon be introducing a form of contactless payment system across Melbourne this month, meaning that customers will simply need to wave their card to process a payment.
Around 500 merchant stores will become equipped with this new contactless payment technology, known as NAB Contactless Readers, which are expected to significantly shorten queues at popular lunch spots across the city, improving customer service.
The newly installed readers only require customers to hold up their NAB Visa payWave-enabled card with the data read instantly and approved without any entering of a PIN or requirement of signature. As it stands now, amounts up to $100 can be approved using the contactless payment method.
National Australia Bank stated that another 2,000 stores will be installed with the NAB Contactless Readers before Christmas.
Executive general manager of working capital solutions at NAB Steve Aliferis stated: "The motivation for merchants to go contactless is customer convenience and the cost savings and revenue uplift associated with faster throughput and reduced cash handling costs."
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