Commonwealth Bank of Australia has unveiled a mobile phone application by the name of Kaching. This combines peer-to-peer payments via a phone’s contacts and email addresses and social payments via a user’s Facebook friends, along with NFC technology.
“This banking breakthrough marks a significant milestone in the evolution of how we pay and receive money from each other. Commbank Kaching joins our suite of apps and further validates our position as Australia’s most innovative bank and a world leader when it comes to digital development in financial services,” says Michael Harte, group executive enterprise services, and CIO
The bank reports significant growth in its online banking service, NetBank, in recent years. Figures reveal that in August this year, over 16 million logons were made to NetBank using a mobile device, a 229 per cent increase on the same period last year. David Lindberg, executive general manager cards, payments and retail strategy said the new app would reduce the reliance on traditional payment methods and transform and simplify day-to-day payments to anyone, including friends, family, mainstream retailers and small businesses.
“Mobile and online social payment is the next step in transaction technology. Already, more than half our 10 million customers own a smartphone, and Australians are 65 per cent more likely than the British to bank on their phones. Now, for the first time, Australian consumers will no longer have to rely on cash or cards to make payments to family, friends or even businesses. The recent explosion in uptake of digital and smartphone technology has revolutionised how we all transact, interact and communicate with each other, and this new application will make the dream of mobile payments a reality,” he says.
“The strong and sustained growth in MasterCard PayPass transactions demonstrates a real demand for innovative payments products that genuinely make life easier for consumers,” adds MasterCard Australia country manager, Andrew Cartwright. “Kaching represents the next, exciting evolution for contactless payments, giving customers the power to pay with their smartphone at any of the 42,000 PayPass terminals across Australia.”
Kaching will be available to iPhone users with iOS4.3 and above in the coming months.
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