Australia-based lender Westpac is set to introduce a new mobile phone contactless payment service in early 2014, which will allow consumers to make payments just by tapping their phones.
The service, which was successfully tested, will allow customers with Android handsets to use all the Westpac debit and credit cards through their mobile banking app.
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The contactless payment service will be developed in partnership with Visa.
Westpac Australian Financial Services chief product officer, David Lindberg, said contactless payments have been the single most important payments trend in 2013, now accounting for over 50% of scheme debit transactions.
"People are rarely separated from their mobile phones, and this delivers new, simple ways to pay for everyday shopping. Customers love the ease and convenience of contactless payments and we see mobile phone payments as the next stage of that journey in Australian banking," Lindberg added.
Visa Australia country manager, Vipin Kalra, said Australia is leading the world in its adoption of contactless payments and mobile is the next step.
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By GlobalData"One in every three Visa transactions is now a contactless Visa payWave transaction. We are excited to enable mobile payments with Visa payWave as people move towards a mobile way of life," Kalra added.
The contactless payment service will be available to all new and existing customers of the bank through the Westpac mobile banking application.
