Commonwealth Bank, the Australia-based integrated financial services firm, has said that MasterCard PayPass and Visa payWave cardholders paying for goods less than A$100 need only tap their debit or credit card on its contactless reader to transact at selected IGA and Red Rooster stores, and Etihad Stadium in Melbourne.
Reportedly, payment details are exchanged using short-range wireless technology between a point-of-sale device and contactless card, with cardholders protected from fraudulent transactions just as they are with any normal payment, making the contactless payment option a convenient alternative to cash.
Kelly Bayer Rosmarin, executive general manager business products and development, Commonwealth Bank, said: “Building on the three million Commonwealth Bank MasterCard PayPass cards in market, we are closely working with merchants to bolster the number of contactless terminals. We plan to have more than 2,000 terminals by the end of the year and with a terminal base of more than 160,000, we have the potential for tens of thousands of acceptance points to be installed in the next 12 months. Consumers have the same security as a standard credit or debit card transaction. Just because you don’t put in a PIN or sign, it doesn’t mean you have any less protection — you have the same right to dispute transactions.”
Eddie Grobler, EVP of Australasia at MasterCard, said: “Together, we were the first to pilot contactless technology in Australia and fully roll out contactless debit and credit cards. And now, together, we are the first to have a complete issuing and acquiring solution.”
