FINANCE
Banking ’ s contributions Over the past year , Australia ’ s banks have become increasingly invested in delivering new payments technology to customers and it has spurred exciting developments in the industry . All of the ‘ Big Four ’ ( CBA , Westpac , NAB and ANZ ) now issue contactless cards , having witnessed staggering growth since their deployment . Westpac stated that over a period of 12 to 18 months , contactless
payments jumped from 10 percent to 60 percent .
Now , these financial institutions are banking that their ventures into mobile payments technology will achieve similar results . Commonwealth Bank ’ s CommBank app allows users to “ Tap and Pay ” with their mobile and Westpac predicts three million people will make an average of five contactless mobile payments per month next year – resulting in an
14 August 2014