Thursday, 26 November 2009
National Australia Bank’s credit card customers will now be able to enjoy the speed and convenience of NAB Visa payWave contactless technology to help them pay for purchases in the busy Christmas shopping period.
The new technology allows customers to make purchases under $100 on their credit card without the need to sign or use their PIN1. Customers simply hold their NAB Visa payWave card in front of the contactless EFTPOS reader to complete the transaction.
NAB's Low Rate Visa Card is the first NAB product to feature the technology from today, and will be followed with a progressive rollout across selected products through 2010.
The new NAB Visa payWave contactless cards follow the installation of up to 2,500 NAB Contactless Readers at merchants across the greater Melbourne and Sydney areas. In addition, the Melbourne Cricket Ground expects to install up to 200 contactless enabled readers by Boxing Day to help reduce queue times for summer cricket goers.
In a first for the Australian banking industry, NAB will be the first financial institution in Australia to offer a broad-based commercialisation of contactless issuance and acceptance utilising Visa payWave technology. NAB Visa payWave cards utilise EMV-level encryption technology which helps makes counterfeit fraud virtually impossible. The new cards are also protected by the NAB Defence Promise – providing leading and innovative security measures to fight fraud.
“The introduction of innovative contactless cards and readers provides customers and businesses with greater convenience for small value purchases under $100. Contactless technology can significantly reduce transaction times, helping to speed up customer service and shorten those Christmas queues during the festive season.
“Studies have shown transactions can be up to three times faster with contactless technology than cash2, which gives some valuable time back to our customers during this hectic end-of-year period,” Mr Busselmaier said.
Visa’s General Manager for Australia and New Zealand, Chris Clark, said customers would be able to make contactless payments at a wide range of merchants, including fast food outlets, convenience stores and sporting stadiums.
“We believe customers will enjoy using contactless cards because they meet the need for speed,” Mr Clark said. “We’re delighted a major venue such as the MCG has come on board, because it’s the ideal environment to demonstrate how Visa payWave can improve the customer experience and allow sports fans to get back to the action faster.”
Melbourne Cricket Club finance and information systems general manager Clive Driscoll said the new technology would bring immediate benefits to MCG patrons.
“We are delighted that the MCG is involved in this ground breaking technology,” Mr Driscoll said. “With all cards being accepted at the stadium, we look forward to the millions of customers that visit the MCG each year to benefit greatly and not have to fumble around in their pockets for cash.”
For more information about contactless payments, visit NAB EFTPOS.
|Gillian Griffiths NAB Corporate Affairs M: +61 (0) 419 667 783||Judy Shaw Visa Corporate Relations M: + 61 (0) 418 415 965|
1 Purchases over $100 can be made with a signature or PIN authorisation.
2 Average Visa payWave transaction including printing of receipt takes 4-6 seconds, compared with 12-14 seconds for cash (Visa Smart Card Deployment Study in Taiwan and Malaysia, conducted by Deloitte in 2006).