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December 2, 2013updated 04 Apr 2017 4:09pm

ASB to launch new online payment system

ASB will unveil a new online payment system allowing customers to perform transactions solely by using their mobile number on 3 December.

By RBI editorial

New Zealand’s ASB Bank will unveil a new online payment system allowing customers to perform transactions solely by using their mobile number on 3 December.

The financial services provider says it will enrich its mobile banking offering with PayHere. Through this app, customers will be able to authorise payments from their accounts after typing their mobile number.

Shopping online using a credit card usually requires entering different kinds of information like credit card number, sort code and expiry date.

The new system is targeting at speeding up the transaction process, on the assumption that the majority of people remember their mobile number.

Russell Jones, ASB chief operating officer, strongly supports the bank’s plan. He states that the mobile device will become the primary payments platform.

Jones says that there are collaborations with payment gateways DPS and Paystation, to ensure the functionality of the app.

"What we’re really trying to do is get the convenience of Eftpos and the comfort and trust that people have in the Eftpos system, and make that available online," he said.

Industry observers believe that PayHere will be a positive changing force to the payments landscape, while others have their doubts. For the app to be successful, it will require the engagement of customers and retailers.

ASB mobile users can already use a Mobile Business app as well as paying their friends on Facebook without using their bank account number.

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Yorkshire Building Society’s Website redesign catches mobile users’ attention

Mercantile Bank, Grameenphone sign deal to offer mobile banking services

Standard Bank, MTN Swaziland team up to roll out new mobile banking product

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