Commonwealth Bank of Australia (CBA) Mastercard customers will soon be able to accept payments through their phone. The Bank has partnered-up with Mastercard, IDEMIA and Samsung to bring Mobeewave’s SoftPOS technology to Australia. The service will help a big deal to small businesses in the country. It will allow them to accept payments of less than A$100 ($76), securely and simply by tapping their phones.
A research from Mastercard earlier found that more than 80% of its customers in Australia use contactless payments at least once a week. However, only a few of them use mobile contactless payment services. Through this partnership, Mobeewave will provide a white label solution to CBA, leveraging IDEMIA’s Digital Enablement platform. The technology requires no additional hardware plug-ins to accept payments. With the solution, Mastercard customers of CBA will be able to make mobile transactions on Samsung flagship devices.
“We are proud to be bringing leading brands Samsung and Mastercard together with IDEMIA and Mobeewave to put this innovative technology into the hands of our customers. This solution gives Australian small businesses the ability to accept in person payments quickly and simply using just their phone so they can get on with running their business," said Sam Itzcovitz, Managing Director, Commerce and Platforms, CBA.
The CBA will be the first financial services institution in Australia to offer the Mobeewave SoftPOS solution. The Commonwealth Bank is one of the four major Australian banks, and the largest bank in the Southern Hemisphere. With a huge customer base, and wide popularity of contactless technology, Australia is an ideal environment to launch the technology with, obliges Matt Barr, Senior Vice President, Mastercard Australasia.
“With its high use of contactless technology, Australia is an ideal environment to roll out this type of ‘tap-on-phone’ solution. This partnership brings us one step closer to our vision of enabling every device to become an acceptance device. We all use our phones to make payments, why not use them to accept payments as well," he said.
The Commonwealth Bank of Australia is expected to start the service from the second half of 2018.