ANZ trials mobile phone payments

ANZ Bank has begun a four-week trial of a mobile wallet service, which it believes will be the “way of the future” for making small payments.

Fifty staff in the Sydney and Melbourne offices of ANZ and Visa have been given an iPhone case containing an NFC-enabled microSD card that allows them to turn their phone into a virtual wallet. The staff will be able to make payments of up to A$100 (US$100 approx) using a prepaid ANZ account stored on the microSD card at any merchant equipped with a contactless payment terminals. Some 20,000 retail outlets in Australia currently have the technology installed.

ANZ's Sam Qubrosi said: “This is all about making banking simpler and more practical for our customers. Mobile contactless payment is the next step in this evolution and we're excited to be breaking new ground with this trial.”

All Visa payWave transactions, including those initiated by a mobile phone, are backed by both Visa's Zero Liability protection and ANZ's Fraud Money Back Guarantee, ensuing cardholders are not liable for any unauthorised transactions provided they report problems promptly to their bank or card issuer. The technology also allows for the payment application to be quickly deactivated if the phone is lost or stolen.

Source: Near Field Communications World

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