Commonwealth brings contactless payment

The Commonwealth Bank is introducing contactless payment terminals that will allow MasterCard PayPass and Visa PayWave cardholders to pay for purchases less than $100 by only waving their card over a reader, according to SmartCompany.

The roll-out will see readers installed at some IGA and Red Rooster stores, along with the Etihad Stadium in Melbourne. NAB recently began a roll-out of similar technology to a number of retailers.

Customers will only need to tap their card onto the reader in order to pay for their purchases, with no PIN or signature required. Commonwealth Bank executive GM for business products, Kelly Bayer, said in a statement that both retailers and customers will benefit.

Developing the skills of future IT leaders remains a priority for Deutsche Bank, despite this year reporting its first loss in 52 years, of £5 billion (R60 billion), says Computing.co.uk.

The London operation of the German financial giant is one of the largest employers in the Square Mile, with more than 1 000 staff working in IT alone.

The downturn has hit every financial institution, but career enhancement is a long-term investment, said chief operating officer for technology, Daniel Marovitz.

State Bank of Pakistan (SBP) governor, Syed Salim Raza, has said tremendous business potential exists for branchless banking in the country, which allows financial institutions and other commercial players to offer alternative and economical financial services outside the bank premises, reports Daily Times.

He said the banks have begun to show interest in branchless banking and SBP has given regulatory approval to three banks to carry out branchless banking business. Six banks have been given approval to offer cellphone-based banking services to their existing customer base as an alternative delivery medium, he said.

He added that leveraging technology and finding innovative products and delivery channels, such as mobile phone banking, is the best way to increase financial outreach.