Virtual wallet coming to Australia!

“This is all about making banking simpler and more practical for our customers” says ANZ head of product management consumer cards & unsecured lending Sam Qubrosi

ANZ (Australia and New Zealand Banking Group)  and Visa have partnered up to trial a new mobile phone payment application. A special protective iPhone case with secured microSD memory card was given to 50 participants to test which allows them to turn their phone into a virtual wallet. The idea is that the participants should be able to make payments by simply waving their phone in front of a contactless reader.  This new development is not designed just for payments, but one could manage his/her own account, detect fraud and receive real time offers from merchants. For purchases under AUS $100 no PIN or signature will be required and the customer will have an option of receiving a receipt.

This technological breakthrough is compatible with existing contactless payment terminals already installed at more than 20,000 retail outlets across Australia, including fast food restaurants, electronic stores, book stores, sporting stadiums, clothing stores and vending machines.

The microSD payment technology, developed by DeviceFidelity in partnership with Visa, combines a protective iPhone case with a secure memory card that hosts Visa’s contactless payment application, called Visa payWave. The microSD card hosts a prepaid ANZ account that can be topped up over the internet when needed.

Source: http://www.insideretailing.com.au/Latest/tabid/53/ID/10285/Mobile-phone-payment-system-in-Australian-test.aspx

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