By Aimee Chanthadavong

In addition to enhancing the CommBank app, Commonwealth Bank has also announced two new NFC (near-field communication) payment solutions to enable customers to make contactless payments through their smartphone.

To be rolled out across the remainder of 2013 and in 2014, the CommBank PayTag, a ‘smart’ sticker that customers can attach to their smartphone, will allow them to make secure, contactless payments of up to $100 in value. The PayTag will be used in conjunction with the upgraded CommBank app where they will be able to control the contactless functionality, turning it on and off as they need and selecting which account to pay from. The PayTag will be available to order for all iPhone and Android smartphones.

Also, coming soon to certain smartphones is CommBank’s phone-embedded NFC solution, which will allow customers to make contactless payments via the CommBank app.

Commonwealth Bank executive general manager of cards, payments, analytics and retail strategy, Angus Sullivan, said the growth of contactless payments has been exponential with volumes in increasing six-fold in the past 12 months.

“Worldwide contactless payments continue to grow and CommBank will continue to adapt to the customer demand for convenient mobile payment technologies,” he said.

“This announcement demonstrates we’ve taken the next step in pioneering the mobile payments evolution, with CommBank PayTag and an embedded NFC payment solution. As the only Australian bank with an NFC payment solution for both iPhone and Android devices, this will transform the way our customers make everyday payments.”

Meanwhile, the upgraded CommBank app will enable customers to pay on-the-go, do their banking anywhere and: check a balance with a simple swipe on their phone (no PIN required); pay bills via a QR code; pay a mate back using their mobile number, email, Facebook contact or via Bump∧; and find the nearest ATM or branch.

“By leveraging the success of CommBank Kaching and using next generation mobile technology, the enhancements to the CommBank app will give customers access to world class mobile banking and payment solutions – effectively turning their smartphone into an e-wallet,” said Lisa Frazier, executive general manager digital channels.

“With rapidly increasing adoption of mobile banking, we expect to see continued demand for the latest technology innovations and as Australia’s leading technology bank, we will continue to set the pace for the rest of the industry.”