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ASB customers will soon be able to ditch their wallets and pay for small purchases with their phone by attaching a sticker.
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 phone.
- Make payments by holding the ASB PayTag at NFC (Near Field Communication) enabled payment terminals.
- By Tamsyn Parker of the New Zealand Herald