The Commonwealth Bank and Invoice2Go offer new services that will allow any business to easily accept payments.
Competition to get small businesses using tap-and-go services to accept payments is heating up with simultaneous announcement of a new services from the Commonwealth Bank and Invoice2Go.
The new CommBank service will enable its business customers to accept tap-and-go payments via their phone, while Invoice2Go will enable businesses to do the same via a small PayPal device.
CommBank’s smartphone service
Commonwealth Bank has partnered with Mastercard, IDEMIA (formerly OT-Morpho) and Samsung Electronics to enable Australian small businesses with a CommBank account to accept payments from Mastercard account holders of up to $100 by having customers tap their contactless card or mobile wallet against the business’ Samsung phone.
CommBank is using the Mobeewave service that enables people to accept money in person via their smartphones. Mobeewave will provide a white label service to CommBank using IDEMIA’s digital enablement platform, allowing CommBank customers to accept Mastercard transactions on some Samsung devices from the second half of 2018.
The facility will use the Samsung KNOX platform, and IDEMIA’s embedded secure element (eSE) PEARL.
Mark Garvie, Asia Pacific managing director for financial institutions at IDEMIA, said the service would be the first offering of its kind in the world.
“The rise of mobile payment solutions in the fintech market has the potential to seriously disrupt existing payment methods and this will be one of the channels through which that disruption will flow,” he said.
It will also make CommBank the first financial services institution in Australia to offer the Mobeewave SoftPOS service.
Invoice2go’s PayPal service
Meanwhile Invoice2go – the basic cloud and mobile accounting app that provides fast, simple invoicing for small businesses – has launched tap-and go-payments “for Australia’s smallest businesses” in conjunction with PayPal.
Unlike the CommBank service, which will not be available for at least six months, it is available now. It can also accept payments up to $12,500 and works with MasterCard, Visa and Amex cards.
Invoice2go has made the PayPal Here card reader, which costs $49 from PayPal, compatible with its online system. The company says businesses, regardless of size, will be able to accept swipe, insert, or tap-and-go card payments, wherever they are, and get paid instantly.
Michael Ramsey, head of product at Invoice2go said: “Now plumbers, florists, dog-walkers and accountants alike can have the same opportunities, and look just as professional as the biggest retailers.”
Invoice2Go is also promising to add new features that will enable users to send invoices directly to customers via a number of messaging apps, including Whatsapp, iMessage, Android Messages and Facebook Messenger.
It says its customers, globally are now sending $2 billion worth of invoices through the app, including $400 million in Australia.