ASB plans 'Swiss Army knife' of banking

Last updated 10:07 14/04/2014
ASB phone paywave
ON THE GO: ASB plans to launch a sticker for mobile phones that acts as a Visa payWave.

Relevant offers


What happens to low income kids when you give their parents some money? Freshly single? Here's how to reach financial freedom Chinese buyers desert Auckland market, brokers say Renting continues to outstrip home ownership growth When it comes to wills, there may not always be a way, court rulings show Lending rules may hit rental supply Ten ways to stop throwing your money away Event Cinemas' $1 million competition misleads consumers, watchdog says Families forced into cremation by lack of funds Planning rules forcing Aucklanders to build bigger houses

New mobile payment technology is making the smartphone the 'Swiss Army knife' of banking, a bank says.

ASB is introducing PayTag, a sticker that when attached to a smartphone will enable customers to make purchases of up to $80 by simply holding their phone in front of a scanner.

The sticker has Visa PayWave technology that is already used in contactless credit cards.

PayTag is linked to the ASB mobile banking app, allowing customers to select which account to make the payment from.

Russell Jones, ASB's executive general manager, technology and innovation, said with customers able to pay by mobile, there's no longer any need to carry a wallet or even a credit card.

"It's another example of the smartphone becoming the Swiss Army knife of banking."

Like other credit card transactions, PayTag payments will be protected against fraud, "effectively making this new technology safer than carrying around cash", Jones said.

The sticker can be used on any mobile phone, he said.

Planned improvements include the ability to turn the sticker on and off.

ASB said contactless transactions are faster than traditional EFTPOS transactions and contactless is ideal for transactions under $80 as no signature or PIN is required.

A pilot of the technology is scheduled to begin in May with a commercial launch planned for the third quarter of this year.

Ad Feedback

- Stuff


Special offers

Featured Promotions

Sponsored Content