Mobile paymentsNAB has launched its new mobile payment service NAB Pay, designed to enable customers to use their mobile phone to make purchases, without the need for a physical card. Customers with a compatible Android mobile device and a NAB Visa Debit Card have been able to start using NAB Pay from 25 January, available as part of the NAB Mobile Internet Banking App.

NAB’s executive general manager for Consumer Lending, Angus Gilfillan, said customers were driving the agenda and increasingly wanted simple and easy digital payment solutions.

“We’re excited to launch our digital wallet and enable customers to make fast and safe purchases with their mobile phone,” he said.

NAB claims to be the first Australian bank to utilise Visa Token Service in Australia, providing an important extra layer of security for customers. Tokenisation replaces a customer’s credit card number with a unique digital ‘token’ that can be used for digital payments, without revealing sensitive account information. It has also been deployed by Apple Pay, however the service has yet to be supported by Australian banks.

“Tokenisation improves protection for customers because physical card details are never used in the payments process, reducing the risk of fraud,” said Mr Gilfillan.

Last year, NAB announced a ten-year strategic partnership with Visa to collaborate on payments innovation and product development for customers. To use NAB Pay, customers will need a compatible Android device, have downloaded the latest NAB Mobile Internet Banking App and have a NAB Visa Debit card. NAB Pay is available wherever contactless payments are accepted.

Reports Dan Barnes