The system works by sending the payee a message containing a six-digit code via whichever channel was used to make the payment. They then go to the Kaching web site, enter the six-digit code, their bank account details and their mobile number, email address or Facebook account as appropriate to receive the money. The Bank says it will cover any losses should someone make an unauthorised transaction on a customer's account.
The iPhone version has been enhanced with "an Australian first" a facility called 'Bump' that allow money to be exchanged or a payment to be made by tapping two iPhones together. The payer and payee log into their Kaching apps, specify whether they are paying or receiving and the amount. They then simply bump the two devices together to effect the transfer. It requires iOS4.2 or later.
Andy Lark, the Bank's chief marketing and online officer, said the functionality had been implemented using third party software developed by a US company. The software turns on the GPS in the two phones (however this will not work if they are indoors) and uses their accelerometers to detect the simultaneous bump. He said the Android version of this softwares was still in beta, but when a final version became available the Bank would look at adding this functionality to the Android version of Kaching.
Lark said that Kaching on the iPhone had proved extremely popular, with more than 365,000 downloads, 150,000 logins daily and $1b in transfers since launch.
CommBank Kaching will be available initially across 13 Android devices -all of them from Samsung or HTC. Lark said that, because of the huge range of Android devices and multiple version of the software the Bank had taken a decision not to support all devices. However he claimed the range supported accounted for about 80 percent of those in use.
Android now accounts for 52 percent of the Australian smartphone market and 18 percent of mobile banking at CommBank is from and Android device, the Bank said.
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