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CommBank to bring NFC payment system to your smartphone

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commbankpaytag3Commonwealth Bank has announced changes to its mobile banking app that will now include the ability to make contactless payments with your smartphone.

Due to roll out in late 2013 and early 2014, the CommBank app, available for iPhone, Android and Windows Phone, will enable the latest banking technology including a new NFC (near field communication) solution.

Many of the latest Android smartphone already have NFC built-in and the CommBank app will soon be able to utilise that feature for this contactless payment system.

But iPhone and other Android users who don’t have NFC onboard their devices will be able to still use the service with the CommBank PayTag – a smart sticker with a built-in NFC chip inside that can placed on the back of the smartphone.

The PayTag can even be concealed under a phone cover as long as the cover isn’t made of metal.

Now purchasing everyday items like a coffee and groceries up to $100 in value can be made even easier with a simple tap of the customer’s smartphone to pay and go.

With a CommBank account like and authorised with the app, it turns a smartphone into an e-wallet.

The new CommBank app for Android will allow payments to be made using NFC

“Worldwide contactless payments continue to grow and CommBank will continue to adapt to the customer demand for convenient mobile payment technologies,” said Angus Sullivan, Executive General Manager Cards, Payments, Analytics & Retail Strategy, Commonwealth Bank.

“This announcement demonstrates we’ve taken the next step in pioneering the mobile payments evolution, with CommBank PayTag and an embedded NFC payment solution.

“As the only Australian bank with an NFC payment solution for both iPhone and Android devices, this will transform the way our customers make everyday payments.”

The app will also enable other new features including checking an account balance with a swipe of their phone screen, paying a bill using a QR code and paying a friend back using their mobile number, email address or via Facebook.

Security continues to be a top priority for CommBank and the latest app will continue to be back by its 100 per cent Security Guarantee.

If a customer loses their smartphone with Tap and Go functionality they will be protected against fraudulent activity in the same way as a customer losing a contactless debit card or credit card would be.

The CommBank PayTag - a smart sticker that will bring NFC to the iPhone

The Tap and Go feature can be turned off and back on again easily using the CommBank app.

“The additions announced today deliver a whole new level of trust and convenience to the way consumers make mobile payments and manage their everyday mobile banking,” said Michael Harte, Group Executive Enterprise Services and Chief Information Officer, Commonwealth Bank.

 “Trust is vital to deepen our customer relationship value in mobile banking.

“Our customers increasingly demand access to leading smartphone, tablet and PC technology. We continue to invest in rich content and the back-end technology that enables us to deliver real time value to our customers.

 “Our strong platforms and security layers are at the heart of all our technology, and have spearheaded the growth in consumer confidence in mobile banking services.”

The new CommBank app will roll out to iPhone, Android and Windows Phone in late 2013 and early 2014.

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