Credit cards contactless new technology launched

Thursday September 24, 2009

The Australian credit cards industry has recently been introduced to the latest phase in credit cards technology with the launch of contactless payment systems in Melbourne. Around 500 merchant stores will soon be offering this new technology thanks to National Australia Bank and Visa and the NAB Contactless Readers.

The readers will be installed at popular merchant stores and are designed to allow for fast and easy transactions in the CBD lunch spots for the benefit of customers on-the-go. Customers will only need to wave their card to process a payment with the contactless payment system, with amounts up to $100 eligible, with no need for PIN's or signature security checks.

The NAB Contactless Readers will require NAB Visa payWave-enabled cards to work. With 500 installed this month, National Australia Bank has announced that it intends to install a further 2,000 before Christmas

Steve Aliferis, NAB Executive general manager of working capital solutions, stated: "The motivation for merchants to go contactless is customer convenience and the cost savings and revenue uplift associated with faster throughput and reduced cash handling costs."

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