National Australia Bank (NAB) and Visa have made contactless payment technology available to more than 500 merchants in Melbourne throughout September – reported Inside Retailing Online. Several retailers are expected to install NAB Contactless Readers that are equipped with EMV chip technology at their counters that are designed to speed up customer service and shorten queues.
Reportedly, customers have to hold their Visa payWave-enabled card at the reader. It identifies information that securely provides a transaction approval without requiring a sign or a PIN for purchases up to $100.
Steve Aliferis, executive GM, Working Capital Solutions, NAB, said: For merchants, transactions can be up to three times faster than paying with cash, which means they can serve customers quicker and reduce queuing. The motivation for merchants to go contactless is customer convenience and the cost savings and revenue uplift associated with faster throughput and reduced cash handling costs. NAB expects to have deployed over 2,500 NAB Contactless Readers to merchants by Christmas 2009.”
Chris Clark, GM of Australia and New Zealand at Visa, said: “The lead up to Christmas is the busiest time of the year for retailers, so the ability to serve customers quickly will greatly improve the experience on both sides of the counter. With Visa payWave, customers don’t need to juggle loose change or even take the card out of their wallet for it to work. We believe contactless payments will transform the retail environment in much the same way that contactless tolls have reduced traffic congestion,” reported the online news site.
