National Australia Bank’s credit card customers will now be able to use Visa payWave contactless technology to help them pay for purchases in the busy Christmas shopping period.
This roll-out allows customers to make purchases under $100 on their credit card without the need to sign or use their PIN. Customers simply hold their card in front of the contactless EFTPOS reader to complete the transaction, following 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 payWave technology which includes EMV-level encryption making 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 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,’ comments Mr. Busselmaier of NAB.