The Commonwealth Bank has launched its Kaching service, which combines peer-to-peer payments via the phone’s contacts and email addresses and social payments via a user’s Facebook friends along with NFC contactless technology.

 

David Lindberg, Executive General Manager Cards, Payments and Retail Strategy said the new app would reduce the reliance on traditional payment methods while streamlining traditional transactions.

 

“Mobile and online social payment is the next step in transaction technology. Already, more than half our 10 million customers own a smartphone, and Australians are 65 per cent more likely than the British to bank on their phones," said Mr Lindberg.

 

 Password encryption technology ensures that a lost or stolen phone will not enable someone to access a user’s personal banking details. The app is authorised to be used on only one handset, and no personal banking information is stored on the phone.  Receivers of payments are also protected, with all un-retrieved funds being credited to the payer after 14 days.

 

As well as enabling mobile payments via NFC, email, mobile and Facebook, Commbank Kaching also allows users to check and transfer money between their accounts, in addition to paying bills using BPAY.