Oz bank releases Facebook payment app

Australia's Commonwealth Bank (CBA) released its new mobile payments application, which lets customers with an Apple iPhone, model iOS 4.3 do their banking on Facebook, Social Barrel reports.

The Kaching mobile app, which the bank has yet to submit to Apple for approval, should be available in the next few months for the bank's Internet banking customers, according to a CBA representative.

Herald Sun states that David Lindberg, CBA's executive GM for cards, payments and retail strategy, said the new app stands to reduce customers' reliance on traditional payment methods and simplify the process for making payments to friends, family, mainstream retailers and small business.

"For the first time, Australian consumers will no longer have to rely on cash or cards to make payments to family, friends or even businesses."

PayPass terminals are already common in most supermarkets, and are becoming increasingly popular at convenience stores and large retail chains. The units are based on near field communication (NFC) technology, which allows a wireless data exchange within a very short distance, NETT writes.

Andrew Cartwright, country manager of MasterCard Australia, claimed there are already 42 000 PayPass terminals across the country.

“The strong and sustained growth in PayPass transactions demonstrates a real demand for innovative payments products that genuinely make life easier for consumers,” he said.