FINANCIAL PRODUCT
Mobile Wallet Westpac Trial under way
Credit and debit cards are increasingly being issued with contactless payment capability. That allows them to be tapped on certain payment terminals appearing in places like McDonald’s and smaller transactions take place without the need for a pin or signature. As long as stolen cards are reported missing quickly, any illegal use won’t be slated back to the cardholder. Now Westpac is trialling technology that will allow smartphones to become virtual MasterCard credit cards. Not only will they be able to be tapped on certain terminals to make smaller payments, but they will be able to be used on the Auckland Transport smart card network for trains, buses and ferries. Telecom is involved in the trial.
Westpac has got some pretty cool mobile phone apps. Its suite of apps includes the Realestate app to help homebuyers keep tabs on sales and open homes in their target area, and the Impulse Save app which lets people ‘‘save’’ a preset amount to a chosen account whenever they choose. Technology makes banks more efficient, which their shareholders love, and helps provide greater convenience for customers. We have now reached a time where one could make an almost instantaneous payment transaction at any time of the day or night, 365 days of the a year.
Shifting the credit card on to a phone is another step in making payments easier. Easier payments can mean it is harder to resist temptation. It has long been suggested that people with impulse spending problems should freeze their credit card in a block of ice so that it takes time to thaw out so allowing the cardholder to think through their spending idea. Silly as that idea is, it becomes even more laughable when it is your phone that would have to go into the freezer box.
Another month, another leap forward in the bid for easier payments. It’s still a while away for all customers, but there will definitely be takers when it is rolled out.
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