NAB has today launched its new mobile payment service NAB Pay, for Android smartphones, as competition in the Australian market intensifies.From today, customers with a compatible Android mobile device and a NAB Visa debit card can start using NAB Pay, which is available as part of the NAB Mobile Internet Banking app.
NAB is utilising Visa Token Service, replacing a customer’s credit card number with a unique digital token, making it the first bank in Australia to do so.
In a growing market, competition is set to intensify this year.
Google last year announced that it would be bringing its Android Pay service to Australia in the first half of this year, working with financial institutions including ANZ, Westpac, Bank of Melbourne, Bank of South Australia, Bendigo Bank, Cuscal, ING Direct, Macquarie Bank and St. George.
While Apple Pay launched in Australia towards the end of last year for American Express card holders, it is not known when or which banks will support the service, with interchange fees reportedly an issue.
NAB last year announced a 10-year strategic partnership with Visa, collaborating on payments innovation and product development.
“Our partnership with Visa is enabling us to significantly invest in our credit and debit card portfolio and act more quickly to deliver innovative solutions for our customers – as today’s announcement shows,” NAB executive general manager for consumer lending Angus Gilfillan commented.
“We have a number of exciting initiatives planned this year and look forward to extending the NAB Pay application to support NAB credit cards in coming months.”