Pay without phone, cash or card

LEAVING home without your phone, cash or card no longer means you cannot make a payment.

Australia has one of the highest penetrations of contactless payments – better known as “tap and go” – in the world and consumers have not been afraid to wave their card or phone to pay at the checkout.

But in a world where carrying cash and wallets is disintegrating, banks are working hard to roll out new ways for customers to pay.

The Commonwealth Bank is introducing Fitbit Pay, Garmin Pay and Android Pay on compatible devices, allowing customers to use their smartwatches as well as smartphones at the checkout.

The new forms of payments include the ability to have a wristworn wallet, which will rival Apple Pay on Apple smartwatches.

This will no doubt see more consumers ditch traditional forms of payments and use a “wristwallet” at the checkout.

CBA’s general manager of everyday banking and payments Michael Baumann said the bank has 4.4 million app users.

“You can arm your smartwatch in the morning and set up a PIN and then you are ready to go, with a flick of the wrist you are able to pay,” he said.

“If you take the watch off your wrist, the next time you will have to arm it again with a PIN.”

Every 24 hours the wearable device will need rearming by entering a PIN.

Mother-of-two Karen Mathie, 43, runs regularly and said being able to pay with a smartwatch will be so much easier.

“I was out running once and I lost my credit card, it fell out of my back pocket so being able to pay with my watch will be great,’’ she said. “It means I won’t have to carry a sweaty $10 note in my bra.”

Statistics from strategic intelligence firm RFi show 14 per cent of Australians have a smartwatch, meaning the devices are gaining traction.

RFi managing director Alan Shields said while these payments “are easy and quick”, the big test will be whether consumers think they need these new types of payments and if they are

secure enough to use.