COMMBANK, MASTERCARD AND SAMSUNG COLLABORATE TO DELIVER FUTURE OF MOBILE PAYMENTS TO CUSTOMERS
Commonwealth Bank, in partnership with MasterCard and Samsung Electronics Australia, today became the first bank globally to offer its customers MasterCard® PayPass™ payments capabilities via Near Field Communication (NFC) enabled Samsung GALAXY S4 devices. The world first collaboration1 delivers a next-generation shopping experience and simplifies the ways customers pay for everyday goods and services.
The CommBank offering has been made possible by a convergence of hardware, software and mobile banking technologies, which leverage Mobile MasterCard PayPass technology and Samsung’s global NFC payment infrastructure which processes transactions using the CommBank app on Samsung GALAXY S42 (i9505 and i9507) smartphones sold in Australia.
Today’s launch extends CommBank’s lead in the mobile banking and payments space, following the release of its enhanced CommBank app this week.
“As Australia’s leading technology bank, we have successfully driven this innovation, working with MasterCard and Samsung, to bring our customers mobile payment solutions of the future, today,” said Angus Sullivan, Executive General Manager Cards, Payments, Analytics & Retail Strategy, Commonwealth Bank.
“Mobile wallets are poised to become a reality with the introduction of Tap & Pay, as customers embrace having greater control and access to their finances. Today marks the next step in the introduction of a mobile wallet into our everyday lives, simplifying the convenience of payments from our phones and laying the foundations for future innovations.”
CommBank customers with a Samsung GALAXY S4 smartphone can now Tap & Pay to make secure contactless payments at more than 220,000 PayPass contactless terminals3 across Australia and 1.6 million merchant locations worldwide.
“The future of mobile payments has become a reality today. Alongside CommBank and Samsung, we have built a world first offering that places the power of mobile payment technology in the hands of Australians. We know Australians already love using PayPass, as more than 30 per cent of MasterCard transactions today are made using contactless technology,” said Matt Barr, Head of Market Development and Innovation, MasterCard Australasia.
“We’re very proud to collaborate with leading financial services innovators like MasterCard and CommBank to deliver Tap & Pay mobile payments for Samsung mobile customers in this country,” said Jenny Goodridge, Head of Content and Services, Samsung Electronics Australia.
“This announcement builds on the love that Australians already have with contactless payments and will enable them to now enjoy the convenience and simplicity of payments using a Samsung GALAXY S4.
“Samsung constantly strives to deliver innovative products and services that can provide meaningful improvements to the everyday lives of customers,” Ms Goodridge added.
Compatibility and security
The new phone-embedded NFC payment solution will be available to CommBank customers who download and sign up for the CommBank app via their Samsung GALAXY S42 (i9505 and i9507) device.
All CommBank app transactions are backed by a 100% Money Back Guarantee.
For more information, visit www.commbank.com.au/commbankapp
1 Commonwealth Bank is the first bank globally to offer this service to its customers, using Mobile MasterCard PayPass on the embedded secure element on the Samsung GALAXY S4 at MasterCard PayPass terminals worldwide.
2 Samsung Galaxy S4 (i9506 variant) owners will need to update their phone software to enjoy mobile tap and go payments. This software update is expected to be made available for an over the air update by early 2014.
3 At approximately 99,000 PayPass merchant locations across Australia.