ASB customers will soon be able to ditch their wallets and
pay for small purchases with their phone by attaching a
The bank will launch a trial next month for its new PayTag
service which uses the Visa paywave technology already
available on credit cards.
The technology allows people to pay by waving their card or
phone over an eftpos terminal without having to enter a pin
number or sign for purchases up to the value of $80.
Russell Jones, ASB's executive general manager, technology
and innovation, said PayTag would have the same security
protection as credit cards.
"Security remains the most important priority for ASB. As
with all our credit card transactions, ASB PayTag
transactions will be protected against fraud, effectively
making this new technology safer than carrying around cash."
Jones said the new system would eliminate the need to carry a
wallet or a credit card.
"Customers simply hold their mobile phone on a payment
terminal to make a secure payment. There's no longer any need
to carry a bulky wallet or even a physical credit card."
The sticker can be used on any mobile phone including non-NFC
(Near Field Communication) enabled phones.
ASB hopes to roll out the contactless chip sticker to the
public by September.
How will PayTag work?
- Customers will need an ASB Visa debit card.
- Log in to ASB's FastNet Classic internet banking, register
for PayTag and nominate the card to make payments from.
- The ASB PayTag sticker will arrive unactivated in the post.
- Log-in to FastNet Classic or call the ASB Contact Centre to
activate the pin for ASB PayTag.
- Place the ASB PayTag sticker on the outside of a mobile
- Make payments by holding the ASB PayTag at NFC (Near Field
Communication) enabled payment terminals.
- By Tamsyn Parker of the New Zealand Herald