Use your phone as a credit card

Telstra, NAB and Visa are trialling a new service that could allow you to use your mobile phone as a credit card.

Telstra, NAB and Visa are trialling a new service that could allow you to use your mobile phone as a credit card.

The service requires the user to download a software application to their phone that links the user’s NAB Visa credit card to their Telstra mobile phone and SIM card. Once installed the software allows users to pay for products simply by scanning their phone over a mobile reader.

200 customers are currently trialling the service over the next three months.

NAB chief operating officer retail banking, Lisa Gray, said: “Our customers will be able to walk in to a store, select goods to purchase, wave their phone over the reader, see the transaction approved immediately and leave without having to open their wallet.”

Transactions during the trial will be limited to purchases under $35 while Telstra, NAB and Visa consider the effectiveness of the pilot program. The service is expected to be available commercially at a later date. Last year the Commonwealth Bank also trialled a similar service with MasterCard.

Source: Australian



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