The deal, in partnership with MasterCard and Samsung Electronics Australia, has, according to the trio, 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 S4 (i9505 and i9507) smartphones sold in Australia."
In other words, the three companies came together to work out an easy way for customers to use their phones to pay for things, and the result is what you see today.
For phones other than the S4, CommBank has announced "PayTags" — small stickers available for $2.95 service that will replicate PayPass technology present in phones with missing or unsuitable NFC hardware.
“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 the bank's Angus Sullivan.
“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 terminals across Australia and 1.6 million merchant locations worldwide.
Westpac yesterday announced its customers would be able to use their Samsung Galaxy S or Galaxy Note 3 smartphones to make payments in store, via Visa’s payWave technology, from early next year.
￼￼￼￼“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.
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, and the bank said all CommBank app transactions are backed by a 100% Money Back Guarantee.
An iOS version of the app will be made available at the end of January 2014, and the app is also available on Windows Phone but does not work with the tags.
For more information and to download the app for yourself visit the dedicated page here.