NAB announces a contactless credit card Christmas

National Australia Bank (NAB) has announced that its customers will be able to have a contactless Christmas, in news that may be of interest to those looking to compare credit cards.

The institution has joined forces with Visa in incorporating its payWave technology into its services.

According to the bank, this allows people to use their cheap credit cards for purchases under $100 without the need to produce a signature or use their PIN.

This is achieved by waving the NAB Visa payWave card in front of a contactless EFTPOS reader – some 2,500 of which have been installed in retailers across the greater Melbourne and Sydney areas.

Commenting on the initiative, Visa’s general manager for Australia and New Zealand Chris Clark said people will be able to use the facility at a wide range of establishments, including food outlets, convenience stores and sports stadiums.

"We believe customers will enjoy using contactless cards because they meet the need for speed," he remarked.

In related news, NAB also announced this week that it would increase its interest rate by 25 basis points, to 6.49 per cent.

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