Mobile wallets are "poised to become a reality", claims CommBank

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Mobile wallets are "poised to become a reality", claims CommBank

The Commonwealth Bank has announced that people with Samsung Galaxy S4 phones can now "tap and pay" at more than 220,000 payment terminals.

A CommBank app feature announced today delivers "next generation shopping", the bank claims.

Samsung Galaxy S4 owners can now use their phone to make payments at any PayPass enabled Mastercard terminal.

You will need to have the CommBank app setup on a Samsung Galaxy S4 phone and linked to your Commonwealth Bank Mastercard account. With that setup, you can use your Galaxy S4 as a mobile wallet.

There are now more than 220,000 PayPass contactless terminals across the country according to the Commonwealth Bank - more than 30% of Mastercard transactions are apparently made using the "tap and go" contactless payment system.

Transactions are limited to a value of $100, as is the case with PayPass and PayWave.

If you are hesitant about having an always-on mobile payment system, you can turn the function on and off using the Commbank app.

Commonwealth Bank also says that each transaction is backed by a “100% Money Back Gurantee”.

If your doesn't work with the feature, which uses a technology called NFC, then CommBank has previously announced that it will make available “PayTag” stickers you stick on your phone which give your phone the contactless payment capability.

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