Australian lender Heritage Bank has launched a new in-house mobile payments solution that allows customers to pay for goods with a tap of their phone.
The new MobilePay app will enable customers to authorise transactions from their linked Visa credit or debit account by tapping their smartphone at a Visa Paywave terminal.
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MobilePay will be accessible for users with an Android 4.4 with Kit Kat software and above, NFC functionality, and a Visa credit or debit account with Heritage.
Using this mobile app, customers can pay for transactions up to $100 beyond which they will have to enter a PIN.
Heritage CEO John Minz said: "Our MobilePay system is great news for customers as it provides a quick, simple and secure way for them to use their mobile phone to authorise payments.
"Our solution works by creating a ‘virtual’ copy of your Visa debit or credit card on your phone, with a completely different number. Receiving a completely separate number means you keep your existing credit or debit card secure, and you don’t need to type in any personal information like card numbers, card verification numbers, or a PIN."
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By GlobalData
