NAB is trialling new tap on phone technology to provide a cashless payment solution to its small and micro business customers.
Small business owners will soon be able to accept fast and secure contactless payments thanks to the bank’s partnership with Visa and Quest Payment Systems.
NAB Executive General Manager, Transaction Banking, Andy Kerr said NAB was excited to trial the new tap-on-phone technology, which he suggests will level the playing field for sole traders and small business owners
“Since the introduction of tap-and-go payments, Australians are carrying less and less cash which can impact sales and growth for small businesses. Currently, there are limited options for merchants such as market stall vendors, boutique retailers, sole traders and start-ups to accept payments other than cash,” Kerr said.
Kerr suggests small business customers have been clamouring for a payment solution that will allow them to take advantage of contactless payments.
“This pilot will address the current gap where businesses aren’t big enough to need a POS terminal but are established enough to accept contactless card payments. It’s also beneficial for our existing merchant customers who may need to set up an additional card acceptance point during high trading times such as Christmas, without the need to obtain a physical device.”
Visa’s Head of Merchant Sales and Solutions, Dan Parsons said Visa is thrilled to provide customers with more choice in how they pay. Visa’s lastest payment data shows 94 per cent of face-to-face transactions are now contactless. This is having a significant impact on small business owners and sole traders who traditionally operate on a cash transaction basis.
“Providing cost-effective, convenient and secure ways to accept digital payments ensures all businesses can continue to grow and offer better customer experiences.
“At Visa, we’re particularly excited by the potential of tap-on-phone technology in helping charitable and not-for-profit organisations increase face-to-face donations at a time when we’re seeing people carry less cash, and instead reach for cards and phones to make payments.”
Quest CEO Jan Mason said the new tap-on-phone solution will not replace existing POS terminals but expects many customers will migrate to a tap-on phone solution in the future.
“Although we don’t see this technology replacing physical payment terminals tomorrow, the transition to software-based payment solutions will progress over the coming years and we are pleased to partner with NAB and Visa on the ground-breaking innovation,” Mason said.