NAB backing small businesses to grow
Small business customers will soon be able to accept fast and secure contactless payments using the latest tap-on-phone innovation.
NAB Executive General Manager, Transaction Banking, Andy Kerr said NAB was excited to trial the new tap-on-phone technology which would support small businesses and sole traders across Australia to provide cash-less solutions for customers.
He said NAB was partnering with Visa and Quest Payment Systems on the trial.
“Since the introduction of tap-and-go payments, Australians are carrying less and less cash which can impact sales and growth for small businesses. Currently, there are limited options for merchants such as market stall vendors, boutique retailers, sole traders and start-ups to accept payments other than cash,” Mr Kerr said.
“We’ve heard loud and clear from our customers that they want access to payment technology without the additional hardware associated with a traditional POS terminal.
“This pilot will address the current gap where businesses aren’t big enough to need a POS terminal but are established enough to accept contactless card payments. It’s also beneficial for our existing merchant customers who may need to set up an additional card acceptance point during high trading times such as Christmas, without the need to obtain a physical device.
“With the pilot now underway, we look forward to rolling this service out to NAB customers in the coming months.”
Visa’s Head of Merchant Sales and Solutions, Dan Parsons said: “We’re thrilled to be working with NAB and Quest to enable small businesses and other cash reliant organisations to offer customers more choice in how they pay.
“As more Australians prefer tapping to pay – data shows 94% of Visa’s face-to-face transactions are contactless – providing cost-effective, convenient and secure ways to accept digital payments ensures all businesses can continue to grow and offer better customer experiences.
“At Visa, we’re particularly excited by the potential of tap-on-phone technology in helping charitable and not-for-profit organisations increase face-to-face donations at a time when we’re seeing people carry less cash, and instead reach for cards and phones to make payments.”
Quest CEO Jan Mason said the tap-on-phone solution had been developed in Australia by their inhouse software development team and provided a total eco system to ensuring security of the contactless transactions in the same way a traditional terminal did.
“Although we don’t see this technology replacing physical payment terminals tomorrow, the transition to software based payment solutions will progress over the coming years and we are pleased to partner with NAB and Visa on the ground-breaking innovation,” Ms Mason said.
- Tap-on-phone enables fast and secure contactless payments of up to $100.
- Customers will be able to access this technology by downloading an app on their mobile phone. NAB will provide customers with a login so they can use this payment system the same day.
- NAB is looking forward to sharing more about the pilot, and how customers can apply for this product over the coming months.