This month the Commonwealth Bank Of Australia [ASX:CBA] partnered with tech giant Samsung.
Together they are committed to making mobile payment systems more accessible to thousands of Australians.
The partnership will allow CBA’s customers to have access to Samsung Pay. Which acts as a digital payment system.
As a result, they can now pay and trade through compatible Samsung devices such as smart phones and wearable tech.
CBA want customers to have the option to pay in the simplest way possible. And with the combination of these new tech platforms, they can now push this idea forward.
CBA’s General Manager of everyday banking and payments, Michael Baumann states:
‘With more that $6 billion of transactions across the CommBank app each week we know that our customers love using their phones to make payments. Since 2013 our customers have been able to use their smartphones to make payments. By offering customers the ability to pay with Samsung Pay we are combining choice and convenience.’
Samsung Pay ensures the safety of customer data, offering high level security implementation to prevent any digital theft.
The user is provided with a tokenised card number, which blocks sensitive card information stored on the device.
Before making a payment, the user is required to input his/her PIN and Iris or fingerprint before authorising the payment and going through with the transaction.
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Users will have remote access to Find My Mobile which allows customers who have lost their device to completely lock their phone from any location and prevent their details from exposure.
Apple and Samsung both fought to sign Commonwealth Bank onto their system and seal a partnership.
As Apple already has an alliance with ANZ, Samsung would have been in trouble if they had lost Commonwealth to them.
Tap and pay has been available since 2013.
Now the feature is widely used across all platforms as it generates more than $6 billion in transactions every week.
Apple refuses to grant Commonwealth access to their devices’ contactless reader, which is an NFC chip. As a result, the tap and pay feature which Commonwealth customers use will not work properly on iPhone devices.
Editor, Markets & Money
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