NAB is set to bring the latest payments technology to Apple, Android and BlackBerry devices through a new partnership with global payments leader VeriFone.
The strategic partnership – announced at the start of October – will give NAB credit card merchant customers access to leading technology for card acceptance and more mobility through tablet and mobile phone payment options.
The bank’s Executive General Manager, Working Capital Services, David Gall, said this initiative would give some 130,000-business customers an edge over competitors.
“We know that technology is moving quickly, and speed, mobility and access to real-time information is critical for businesses accepting payments,” he said.
“The partnership aligns with NAB’s strategy of working with global technology providers and allows us to bring the best of both worlds to our business customers – we maintain our focus on relationship banking, while providing our customers with access to world-class payments technology.”
For consumers, it will also mean more ways to make purchases regardless of whether you are dealing with a large or small business.
With the largest market share among SME merchants, NAB has earned the title of Australia’s “leading business bank”, and this partnership cements that title even further.
NAB business customers currently process around $22 billion in Visa and MasterCard payments via online or mobile channels each year, and the prediction is that this number will increase significantly in the future.
Partnering with VeriFone – a company which has led the way for payments innovations around the world – means that NAB business customers will get access to mobile and tablet payment solutions that are compatible with Apple, Android and Blackberry smart devices.
One of the first range of products available for merchants, for example, will be an iPhone and iPad “PAYware” sleeve that can turn these popular devices into payments terminals.
The sleeves will also be used to roll out updates, innovations enhancements as technology evolves, removing the need for any additional infrastructure.
VeriFone also boasts an open platform that means retailers can develop their own apps without bank certification, which means they can innovate more quickly and increase their speed to market.
The outcome of these options should be greater flexibility and a reduction in costs for merchants, which should eventually trickle down to consumers.
But with more and more payment options that favour cards and technology, one thing seems sure: we are now getting even closer to a cashless society that favours both convenience and efficiency.