NAB trialling digital wallet

By Mozo ·

Following 76 percent growth in the uptake of mobile banking by its bank account customers in the last 12 months, NAB are now focusing on the revamping of its mobile banking facilities.

Trials are already under way using MasterCard and Visa digital wallet technologies that will allow customers to store payment details on their mobile phone, making online shopping and mobile payments available to users.

"We are working through how we take that to the market and, while I am fairly confident that both Visa and MasterCard will enter into these sorts of trials with all of the banks, the interesting point is that with the NAB digital Wallet you will also be able to upload cards that you have from other banks and issuers and vice versa," said NAB's executive general manager of digital and direct banking, Anthony Cahill.

The new mobile banking app will also include a peer-to-peer payment system that allows users to pay each other through emails, SMS, Facebook and even by using NFC to allow users to make payments by bumping phones.

This is of course not a new entry to the market with the Commonwealth Banks's Kaching and even ANZ's own goMoney, both already widely regarded.

"It is about getting it right and giving customers a product and a proposition that they can use and value," said Mr Cahill.

The application is expected to be limited to between 500 - 1000 customers before the bank decided which path it would follow with the app.

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