NAB today launched its new mobile payment service NAB Pay, enabling customers to use their mobile phone to make purchases, without the need for a physical card.
Customers with a compatible Android mobile device and a NAB Visa Debit Card can start using NAB Pay from today, available as part of the NAB Mobile Internet Banking App.
NAB Executive General Manager for Consumer Lending, Angus Gilfillan, said customers were driving the agenda and increasingly wanted simple and easy digital payment solutions.
“We’re excited to launch our digital wallet and enable customers to make fast and safe purchases with their mobile phone,” Mr Gilfillan said.
NAB will also be the first Australian bank to utilise Visa Token Service in Australia, providing an important extra layer of security for customers.
Tokenisation replaces a customer’s credit card number with a unique digital ‘token’ that can be used for digital payments, without revealing sensitive account information.
“Tokenisation improves protection for customers because physical card details are never used in the payments process, reducing the risk of fraud,” Mr Gilfillan said.
“NAB Pay gives consumers another reason to choose NAB as we continue to focus on delivering the number one cards experience in Australia.”
Last year, NAB announced a ten-year strategic partnership with Visa to collaborate on payments innovation and product development for customers.
“Our partnership with Visa is enabling us to significantly invest in our credit and debit card portfolio and act more quickly to deliver innovative solutions for our customers – as today’s announcement shows,” Mr Gilfillan said.
“We have a number of exciting initiatives planned this year and look forward to extending the NAB Pay application to support NAB credit cards in coming months.”
To use NAB Pay, customers will need a compatible Android device, have downloaded the latest NAB Mobile Internet Banking App and have a NAB Visa Debit card. NAB Pay is available wherever contactless payments are accepted.