Feeds

Oz bank takes near-field plunge

CBA also takes payments ‘social’

The essential guide to IT transformation

Peer-to-peer payments, transfers via Facebook, and support for contactless near-field communications: the Commonwealth Bank has reached for the buzzword book to create a new payment system it hopes will help it ride on the back of huge growth in mobile payments systems.

It also targets the huge growth of the iPhone in Australia, since the new all-embracing mobile payments system is only going to be offered for iOS 4.3 and above.

Mobile is the growth engine of online payments, with the bank claiming a 229 percent increase comparing the month of August 2011 to August 2010, and a total of 16 million mobile logins in the month.

The CBA “Kaching” application will only be authorized to a single handset, and does not have local storage of any banking details. The bank also says that user data won’t be accessible on lost or stolen phones, but is fuzzy on the details, saying only that user data is protected by “password encryption”.

NFC is supported by the iCarte cover from Canadian outfit Wireless Dynamics, using MasterCard’s PayPass system for payment processing. The bank says more than 40,000 MasterCard PayPass terminals have been deployed in Australia so far.

The bank says the offering has good potential in Australia, since individuals here appear more willing to use their phones for payments: “Australians are 65 percent more likely than the British to bank on their phones, and 14 percent more likely than those in America,” said the bank’s David Lindbergh.

Depending on the medium used, recipients will either receive their money instantly, or will be sent a code allowing them to retrieve their payment later. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
Déjà vu: Virgin Media jacks up broadband prices
Screw copper phone lines, we're UNIQUE, bleats telco
UK fuzz want PINCODES on ALL mobile phones
Met Police calls for mandatory passwords on all new mobes
Netflix swallows yet another bitter pill, inks peering deal with TWC
Net neutrality crusader once again pays up for priority access
New Sprint CEO says he will lower axe on staff – but prices come first
'Very disruptive' new rates to be revealed next week
US TV stations bowl sueball directly at FCC's spectrum mega-sale
Broadcasters upset about coverage and cost as they shift up and down the dials
What's the nature of your emergency, Vodafone?
Oh, you've dialled the wrong number for ad fibs, rules ASA
EE network whacked by 'PDP authentication failure' blunder
Carrier is 'aware' of cockup, working on a fix NOW
ROAD TRIP! An FCC road trip – Leahy demands net neutrality debate across US
You crashed watchdog's site, now time to crash its ears
Google's so smart it's discovered SHARKS HAVE TEETH
Congratulations, world media, for rediscovering submarine cable armour
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
7 Elements of Radically Simple OS Migration
Avoid the typical headaches of OS migration during your next project by learning about 7 elements of radically simple OS migration.
BYOD's dark side: Data protection
An endpoint data protection solution that adds value to the user and the organization so it can protect itself from data loss as well as leverage corporate data.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?