CommBank, NAB turning phones into mobile payment terminals

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CommBank, NAB turning phones into mobile payment terminals

Good news if you want a mobile point-of-sale solution for your business, but don't want to carry more devices.

Phone-based point-of-sale solutions aren’t new – the app Tap2App makes it possible to accept contactless card payments without separate hardware – but now big Australian banks are getting in on the act.

Later this year, CommBank is expected to launch an app that will allow businesses to use certain NFC-equipped Samsung devices as card payment terminals – without the need for other hardware. That's according to Samsung, which mentioned the app at a media event this week where it showed off various business devices.

CommBank announced in 2017 that it had signed an agreement with Samsung, IDEMIA and Mastercard to bring Mobeewave’s point-of-sale software to Australia. By pairing the software with an NFC-equipped device, businesses will be able to use the device to take card payments. That could be useful if you want to accept card payments while you’re out and about.

Commbank isn’t the only bank that’s recognised this opportunity. iTnews reported recently that NAB is working with point-of-sale vendor Quest Payment Systems to bring the ability to accept card payments to NFC-equipped Android phones.

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