3 Million Aussies Could Start Using Westpac’s Tap-and-Go App on Their Samsung S4, S5 Smartphones Next Week
By Vittorio Hernandez | April 9, 2014 9:18 AM EST
In yet another sign of how Australian banks and consumers are adapting to new technology, Westpac announced on Tuesday that beginning next week, its millions of customers could use the bank's Australia 2014/Articles/April 2014/April 9/April 9.docx" rel="nofollow" target="_blank">tap-and-go app when shopping.
As perceived earlier by the country's central bank, Australia's economic pace has been slowing down, which was confirmed Wednesday by the latest Westpac-Melbourne Institute Leading Index.
However, it would only work for bank clients who own the Samsung Galaxy S4 and Galaxy S5 models which come with built-in near field communication (NFC) chips. That would eliminate the need for passwords to make a transaction.
Westpac estimated that by 2015, about 3 million bank customers would use their contactless payment technology to purchase $3 billion worth of products and services.
Westpac Chief Product Officer David Lindberg said that while low value cash transactions would gradually go down because of the app, cash won't disappear entirely. But more Aussies would likely use the app to pay even for their morning coffee, lunch or train pass - which they currently often pay in cash than use their credit cards - eliminating the need for so much cash in wallets.
"Eighteen months ago, we could see the momentum building in contactless payments, the ability to take out your credit or debit card and tap it on a terminal and have the payment go through it. It was about 18 per cent of all scheme debit card transactions in Australia. In the last 12 months we've seen this figure skyrocket to 60 per cent," Mr Lindberg disclosed.
The app would be an option from the current MasterCard PayPass and Visa payWave systems accepted by Aussie shops.
The announcement comes just days before the S5 hits stores on Friday. During the launch of the S5, Samsung said the app would benefit Westpac and Commonwealth Bank customers.
The two banks partnered with the South Korean tech giant for the app use because Apple phones do not have NFC chips.
To contact the editor, e-mail:
Most Popular Slideshows
- Taylor Swift Named Forbes' Second Highest Paid Country Musician [PHOTOS]
- Forever Lost: Indescribable Anguish for Malaysia Airlines MH17 Families, Remains of Some Victims May Never Be Found (PHOTOS)
- Global Aviation Accidents: UN to Form Safety Task Force, Gov'ts Should Share Intelligence Info to Avert Future Incidents on Flying Over Warzones (PHOTOS)
- PageSix: Beyonce & Jay Z Union is Not About Love, All About Business & the Brand
Join the Conversation
- New Malaysia Airlines Caught in Adelaide Airport Latest Scare
- Toyota Tops World Sales of Cars, Sells Over 5K Million Vehicles in First Half of 2014
- Formula 1 Chief Sues Google over Sex Party Pictures
- Air New Zealand Pays $1000 to NZ9 Passengers After Three-Night Delay
- Qatar's Surging Real Estate Prices Won't Affect Thriving Economy – Report
- Freshly Leaked Apple iPad Air 2 Cases Confirm Touch ID Sensor; Release Date, Limited Specs and Price Listed
- Moto X Android 4.4.4 KitKat Update Guide: Schedule and How to Install
- Top 4 Reasons Why iPhone 6 Will Hit Big Soon After its Sept 2014 Release Date
- Top Surprising Features Of iOS 8
- Twin Malaysia Airlines MH370, MH17 Aviation Disasters Create Phobia Among Travellers
- OnePlus One vs. Moto X+1 – Early Specifications, Release Date and Price Faceoff
- 2014 Ebola Outbreak: ‘Out of control… and Can Get Worse'; Asky Airline Stops Flying to Liberia, Sierra Leone; Liberia Closes Schools