Commonwealth Bank tests new contactless payment system

Commonwealth Bank is trialling a new contactless payment system that allows debit and credit cardholders to make a secure transaction by simply tapping their card on a merchant reader.

The bank says the system is designed to offer customers more convenient payment options and faster transaction times, Inside Retailing reported.

Commonwealth has installed contactless payment stations for merchants at this year’s Sydney’s Royal Easter Show.

MasterCard PayPass credit and debit cardholders will be able to pay for items of less than $100 by using the readers, which do not require a PIN or signature.

The show is the first time contactless payments have been utilised at a mass consumer event in Australia, Inside Retailing noted.

A quicker payment option may interest Australians who decide to compare debit cards and credit cards in search of their favoured spending tool.

According to a recent report in the Herald Sun, a growing number of supermarkets are now allowing shoppers to dodge ATM fees by offering in-store cash withdrawal facilities.

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