April 9, 2014
It was announced on 8th April 2014, that Westpac's mobile payment app will enable contactless payments on Samsung Galaxy smartphones. According to Westpac CPO David Lindberg, 3 Mn Australians are expected to have adopted contactless payment technology by 2015 to make $3 Bn worth of transactions.
'Eighteen months ago, we could see the momentum building in contactless payments, the ability to take out your credit or debit card and tap it on a terminal and have the payment go through. It was about 18 per cent of all scheme debit card transactions in Australia. In the last 12 months we've seen this figure skyrocket to 60 per cent, Lindberg told Cnet. 'We believe that low value cash transactions will gradually decline. Cash won't disappear altogether, but when you're buying your morning coffee, your lunch and your train pass, these will increasingly be paid for on your card or phone and therefore people won't need as much cash in their wallets. This is a revolution.'
'With contactless transactions now becoming available on people's mobile phones, starting with the popular Samsung Galaxy smartphones, it's going to make transactions even faster and more convenient for customers,' stated Lindberg. Cash won't disappear altogether, but when you're buying your morning coffee, your lunch and your train pass, these will increasingly be paid for on your card or phone and therefore people won't need as much cash in their wallets,' he added.
Westpac recently became the 3rd company in recent times to launch a smartphone accessory enabling small businesses to accept payments via credit and debit cards utilizing chip-and-PIN authorization.
The bank also recently paid $334,000 to buy Australia's oldest banknote. The 10 shilling note - having been part the first run of notes by the Bank of New South Wales, which later became Westpac - is of scrupulous historical significance for the bank.