Feeds

Oz bank takes near-field plunge

CBA also takes payments ‘social’

Providing a secure and efficient Helpdesk

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. ®

Choosing a cloud hosting partner with confidence

More from The Register

next story
Same old iPad? NO. The new 'soft SIMs' are BIG NEWS
AppleSIM 'ware to allow quick switch of carriers
Arab States make play for greater government control of the internet
Nerds told to get lost in last-minute power grab bid at UN meeting
Brits: Google, can you scrape 60k pages from web, pleeease
Hey, c'mon Choc Factory, it's our 'right to be forgotten'
Of COURSE Stephen Elop's to blame for Nokia woes, says author
'Google did have some unique propositions for Nokia'
It's even GRIMMER up North after MEGA SKY BROADBAND OUTAGE
By 'eck! Eccles cake production thrown into jeopardy
Mobile coverage on trains really is pants
You thought it was just *insert your provider here*, but now we have numbers
Don't mess with Texas ('cos it's getting Google Fiber and you're not)
A bit late, but company says 1Gbps Austin network almost ready to compete with AT&T
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
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?
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.