By Aimee Chanthadavong
Bunnings and Dymocks have joined Commonwealth Bank in the contactless payment revolution.
The two retailers have signed on to offer customers a faster way to pay using their Commonwealth Bank debit or credit PayPass card when paying for items less than $100 without the need to sign or enter a PIN.
Kelly Bayer Rosmarin, executive general manager business products and development, Commonwealth Bank, told Retailbiz that this form of payment is convenient and faster.
“PayPass is ideal for high volume retail environments, such as coffee shops, grocery stores and newsagents, where transaction values are low and speed of service is essential. The $100 limit is sufficient for consumers to enjoy a fast and convenient, cashless payment.,” she said.
“Research from the RBA has shown that items under $100 are most likely to be a cash payments therefore the $100 limit is perfectly suited to PayPass.”
Bayer Rosmarin also reinforced that the ‘tap and go’ motion, which is also being used by independent retailers including select IGA Supermarkets, Boost Juice, Red Rooster and Etihad Stadium, is far safer than using cash and is as safe as any other credit or debit card transaction.
“The encryption between the PayPass card and contactless reader ensures it is as secure as traditional credit and debit cards. Both MasterCard/Visa and the Commonwealth Bank's security systems continue to protect cardholders from unauthorised transactions. The same conditions apply to retailers and consumers as traditional cards,” she said.
Bunnings will commence its pilot across all South Australian stores in November before rolling out to all stores nationwide in early 2011. Dymocks has installed readers within its Sydney flagship George Street store with all stores to be contactless enabled by the end of October.
According to Bayer Rosmarin, Commonwealth Bank has installed over 15,000 readers in the market accepting both Visa PayWave and Mastercard PayPass and it expects that number to grow over the 20,000 mark by the end of the year.
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