- Make payments via mobile handset
- Used on one handset only
- Growth key to developing app
Commonwealth Bank has unveiled its Kaching app, 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.
Commonwealth Bank says it has experienced large growth in its online banking service, NetBank in recent years. Figures show that in August this year, over 16 million logons were made to NetBank using a mobile device. This represents a 229 period increase from the year before.
Security is always a priority for Commonwealth Bank, and Commbank Kaching is no different, says the Bank. 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.
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