Magazine article American Banker

Australia's Commonwealth Bank Unveils Contactless Mobile Payments

Magazine article American Banker

Australia's Commonwealth Bank Unveils Contactless Mobile Payments

Article excerpt

Byline: Maria Korolov

The Commonwealth Bank of Australia on Oct. 26 unveiled a mobile-payment platform to enable iPhone-owning customers to do online banking, instantly send funds to Facebook friends or to anyone's email address or telephone number, and, with the use of a special cover, make contactless payments.

The service, called Commbank Kaching, will be available for download as an application for phones using Apple Inc.'s iOS4.3 operating system and above. The contactless-enabled special cover, the iCarte, fits the iPhone 4 and 4S.

Customers may preregister for the app, which will be available for download "in the next few months," on the bank's website, says bank spokesperson Tracy Hicks. She declined to give a more definitive timetable.

The peer-to-peer and contactless payments will go through a MasterCard PayPass-enabled card users select when they install the app, and users may switch cards at any time, according to Hicks.

To use the phone for contactless payments, she says, users will need to launch the Commbank Kaching app and hold a phone with the iCarte cover attached up to the contactless-payment reader. They may spend up to AU$100 (US $104 or 75 euros) using the PayPass function.

As with other mobile-banking applications, no personal financial information is stored on the phone itself, Hicks says.

Access to the application is password-protected, and the app is authorized to work on a single device. …

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