There's a shift in a nature of consumer payment behaviour as the younger generation adopts new payment mechanisms.
Both Woolworths and Coles will be implanting Visa’s PayWave technology, which will allow Visa PayWave credit cardholders to pay for transactions of $100 or less without the need for a PIN or signature.
Commonwealth Bank's new iPhone application called Kaching enables users to make real-time peer-to-peer payments and contactless payments at any PayPass terminal using their phones.
Mastercard has recorded that here were more than one million 'tap & go' transactions in August for the fist time since the contactless technology was launched in Australia.
Woolworths will be offering its customers contactless payment through Visa payWave for transactions of up to $100. It will be rolled-out across all of its brands.
The MasterCard Roadmap sees rollout of new products and services, further safeguards to protect payments, both online and at the point of sale, and basic requirements on providing transparency on fees.
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.