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(showing articles 41 to 43 of 43)
(showing articles 41 to 43 of 43)

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iTWire - Technology News and Jobs Australia

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    CBA says tap and pay transactions have surged in six months

    The Commonwealth Bank says there’s been a surge in tap and pay transactions over six months, with its own customers increasingly using their smartphones instead of their wallets when making payments.

    According to new research, the CBA — one of Australia big four banks — says with its five million customer app users, tap and pay transactions have reached 16.8 million for the six months to June 2018, an increase of more than 35%.

    The bank says the research shows that:

    • Major supermarkets account for one in every five tap and pay transactions, one in 10 take place at major fast food chains and petrol stations and other major retailers account for one in every 20 transactions.
    • Men make up the majority (75%) of digital wallet customers.
    • Half of digital wallet users are aged between 20-29 years old and around one third are 30-39 years old.
    • The average number of monthly transactions per user is 13 and the average dollar value per transaction is about $25.

    {loadposition peter}Release of the research comes as the CBA announced that Visa cardholders can now make contactless payments via its tap and pay functionality in the app.

    Samsung Pay and Google Pay are also now available for Visa cardholders as well as payments via Fitbit and Garmin’s payment-enabled smartwatches.

    According to Michael Baumann, CBA’s acting executive general manager, Everyday Banking, by enabling Visa across the suite of CBA supported digital wallets the bank was combining “choice and convenience for more customers”.

    “Since 2013, our customers have been able to use their smartphones to make payments. By extending the suite of CBA supported digital wallets to our Visa cardholders, we’re providing our customers with even more options to make a payment at the point of sale, whether that be through the CommBank app or their smartwatch.

    “We’re seeing customers who are stretched for time taking advantage of the ease and convenience of digital payments. Our data has revealed that groceries, food and beverages and petrol are the most commonly purchased goods.”

    Axel Boye-Moller, Visa’s head of Product for Australia, New Zealand and South Pacific, said that in addition to convenience, mobile payments offered enhanced customer control.

    “Mobile payments bring even more to the customer experience than just convenience. Each time a payment is made, these devices can deliver instant alerts and enable customers to manage their accounts while on the go. This is a great example of enhancing the customer experience by increasing both ease of use and control.”

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    Mobile payment survey predicts cash will be around for a long time

    A survey of mobile payments by research service Venture Insights indicates that it will take much more than two decades for Australia to become a cashless society.

    The survey, conducted in September and covering 1005 people in the metro areas of Sydney, Melbourne and Brisbane, found that about a third used their smartphones at least once weekly to pay for a product or a service.

    More than half (52%) who used smartphones to pay used the app supplied by their bank, with Apple Pay (25%), Android Pay (17%) and Samsung Pay (6%) following.

    The survey found the use of Apple Pay, Android Pay and Samsung Pay to be highest in the 25-34 age group, with 56.5% using at least one of these services.

    {loadposition sam08}People with higher incomes tended to use their bank payment apps less and vice versa.

    Those who had never used their smartphones to pay for anything comprised 42.5% of the sample.

    The survey said that while data for other countries varied, there was a consensus that small, wealthy countries like Singapore and Sweden would become cashless societies ahead of others.

    "Accounting for generational shift, Venture Insights projects that overall cash payments will reduce to 22% within a decade, and to around 16% by 2034," the company said.

    "Even our aggressive forecast (assuming the same rate of decline as between 2007-2016 which included the introduction of tap'n'go payments and mobile payments) predicts cash usages of 19% in 2025 and 9% in 2034, suggesting it will be well over two decades before Australia becomes a true cashless society."

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    CBA folds, to offer Apple Pay from January 2019

    The Commonwealth Bank appears to have thrown in the towel as far as keeping Apple Pay out goes, and has said the payment option will be made available to its own customers and those of Bankwest.

    In a statement issued on Friday, the bank said this move constituted part of its "commitment to becoming a better, simpler bank and providing the best digital banking experience for our customers".

    The CBA, along with Bendigo and Adelaide Bank, National Australia Bank and Westpac, attempted to cut a deal with Apple over Apple Pay, but the Australian Competition and Consumer Commission last year denied them the right to negotiate collectively.

    Subsequently, Bendigo and Adelaide Bank quietly adopted Apple Pay.

    {loadposition sam08}ANZ was not part of this cartel, and has been offering Apple Pay since April 2016.

    No mention was made of the tussle in Friday's statement. Angus Sullivan, group executive of Retail Banking Services at CBA, said: “We recently wrote to our customers asking them what the bank could do differently and we received lots of excellent suggestions.

    “One of the things we heard repeatedly from our customers is that they want Apple Pay and we’re delighted to be making it available in January 2019.

    “We are committed to making changes that benefit our customers and simplify our business. We will continue to look for more opportunities to innovate and listen, to ensure our customers get the best experience when they bank with us. Responding to customer demand for Apple Pay underscores our commitment to becoming a better, simpler bank.

    “Launching Apple Pay, alongside our No.1 rated CommBank app, will ensure our customers have the very best mobile banking experience."

    A survey conducted by analyst group Telsyte in February indicated the CBA customers were likely to switch banks if their existing bank did not provide their choice of payment mechanism.

    When CBA was asked at the time about the reaction from customers, a spokesman told iTWire: "When customers consider who they want to bank with, they take into account a number of factors. A bank's digital banking and payments offering is an important factor.

    "Our award-winning CommBank app is the number one free banking app in Australia, with 4.8 million CommBank app users able to take advantage of its tools including Spend Tracker and PayID."

    Jennifer Bailey, Apple’s vice-president of Internet Services, said on Friday: “Apple Pay is the No.1 mobile contactless payment service worldwide and we are thrilled Commonwealth Bank customers will soon be able to benefit from a convenient and secure way to pay using the Apple devices they love or within their favourite apps or on the Web.”

    It remains to be seen what Westpac and NAB will do with regards to Apple Pay. All four of the big banks offer Samsung Pay and NAB last month signed an agreement with Alipay to make the service available in 2019.

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