Business banking sector becoming more high-tech

It seems that Aussies cannot get enough of new technological developments and these are playing a leading role in transforming the country into a cashless society.

More devices are being built with near field communication capabilities, which allow smartphone owners to wirelessly pay for items in shops simply by flashing their gadget against a scanner.

The business banking sector is also becoming more high-tech, as recent research conducted by PayPal showed that 50 per cent of micro-businesses (those with four employers or fewer) already use smartphones to complete corporate tasks, Financial Review reports.

"If you look at those numbers, it became an obvious transition to accept payment on smartphones," PayPal spokesperson Adrian Christie told the news provider.

The company recently released a credit and debit card reader that can be fitted to a smartphone and this was targeted specifically at the business sector, while National Australia Bank has also launched sophisticated packages for enterprises to utilise.

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