ASB plans 'Swiss Army knife' of banking
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.