Commonwealth Bank the latest to “tap” into contactless culture with SoftPOS tech
Article by Ben Tosi
We can now pay for our morning coffee with a wave of our credit card, mobile phone, watch or wristband, not to mention a host of other wearables - but what about when it comes to receiving payments?
Commonwealth Bank will soon offer customers a way to receive contactless payments with nothing more than their mobile phones after partnering with Mastercard, IDEMIA and Samsung Electronics Australia to bring Mobeewave’s SoftPOS tech to Aussie shores.
The technology will allow Commonwealth Bank customers in Australia to accept payments of $100 or less by tapping a contactless card or mobile wallet on their phones.
Senior Vice President of Core, Digital and New Payment Flows at Mastercard Australasia, Matt Barr said that the partnership moved the payments platform “one step closer” to the company vision of “enabling every device to become and acceptance device.”
“We all use our phones to make payments, why not use them to accept payments as well,” he said.
We’ve certainly been receptive to new contactless payment innovations down under. Last month, Sydney and Canberra were listed as “digital leaders” in the Visa Cashless Cities report and this year also saw card payments overtake cash for the first time ever.
And Barr believes the SoftPOS tech will only continue that trend once it arrives in Australia.
“With its high use of contactless technology, Australia is an ideal environment to roll out this type of “tap-on-phone” solution,” he said.
Other providers across the country have also taken the opportunity to offer customers contactless options this year with Westpac launching PayWear technology compatible with a host of wearables and Heritage Bank making its very own HOVA wristband available throughout November.
But Commonwealth Bank customers will have to wait a few months before they get their own turn at this new piece of tech. The SoftPOS system - which is expected to help small business owners - will be available in the second half of 2018 and will only be able to receive payments for Mastercard transactions through a Samsung flagship device.
“This solution gives Australian small businesses the ability to accept in person payments quickly and simply using just their phone so they can get on with running their business,” said Commonwealth Bank Managing Director Commerce and Platforms, Sam Itzcovitz.
Keen to make the most of the contactless revolution? Find yourself a credit card that will let you tap into a whole range of new payment methods using Mozo’s credit card comparison tables.