Aussies embrace contactless payments as merchant terminals become more widespread
1 May 2013
The number of Australians using contactless technology to make purchases has grown by more than 100 per cent during the last 12 months, according to new internal research released by National Australia Bank (NAB).
Contactless technology allows people to make card purchases under $100 without having to provide a signature verification or input their PIN. It takes the hassle out of small, everyday transactions for consumers and businesses, and can also be used for purchases over $100 using a PIN.
NAB’s internal data shows Australian businesses are embracing this technology, with the number of new terminals being rolled out to NAB’s retail business customers increasing by more than 250 per cent year on year.
“Service stations, supermarkets, sports stadiums and cafes have been among the early adopters of this technology,” said David Berry, NAB Acting General Manager for Cards & Personal Loans. “One of our larger merchants who recently adopted contactless payments reported that almost 40 per cent of card-based transactions during the first month of using the technology were contactless.
“Contactless technology allows businesses to provide a superior customer experience. Customers are served faster, which is especially important during peak times. The operational costs associated with cash handling, transportation and security are also reduced.
"And the growth in contactless technology hasn't come at a price for NAB merchants. Last year, the bank announced it would pass on the benefits of adjustments made to interchange fees, saving NAB business customers more than $30 million.
“Micro to medium businesses are now getting on board having seen the many business benefits of using this payment capability and this is where we expect to see the next spike in growth.”
MasterCard® PayPass™ contactless technology is now available across all new and re-issued NAB MasterCard cards. Customers who aren’t due for a re-issued card soon are encouraged to speak with a NAB team member in store or over the phone to order a new card so they can start transacting with PayPass straight away.
MasterCard Australia Country Manager Andrew Cartwright said PayPass has quickly gone from being a novel new technology to an everyday shopping experience, which provides a secure and convenient way for Australian customers to pay for goods and services.
Mr Berry added that contactless transactions bring many benefits to the consumer. He said: “Using a technology such as PayPass means a faster, easier experience at the cash register. It’s also secure. Transactions are covered by the NAB Defence fraud promise and MasterCard’s Zero Liability Policy.
“We’re committed to providing the industry's leading security standards to ensure the security of our customers' electronic transactions. In genuine fraud cases, NAB customers will not be liable for any stolen funds or fees and charges that occur as a result.”
Anna Ringelstein (NAB)
0437 852 681
Catherine Woods (NAB)
0477 320 333