PayTag will allow convenient and secure credit and debit card payments with a simple tap of a mobile phone.
ASB PayTag is a Visa payWave sticker that contains an ASB contactless chip card. With the sticker attached to any mobile phone, customers will be able to wave and go to pay for goods, in exactly the same way that the existing ASB Visa payWave cards work, eliminating the need to carry a physical wallet.
ASB will pilot the technology next month, and is scheduled to launch it commercially in the third quarter of the year.
“ASB PayTag will bring a whole new level of convenience to paying on-the-go, allowing customers to pay for things simply, easily and securely while out-and-about,” says Russell Jones, ASB executive general manager, technology and innovation.
Transactions will be protected against fraud, effectively making this new technology safer than carrying around cash.
“Customers simply wave their mobile phone over a payment terminal to make a secure payment. There’s no longer any need to carry a bulky wallet or even a physical credit card. The fact that ASB PayTag can be used with any mobile phone means that a wide range of customers can now turn their phone into a fully controllable, contactless payment device. It’s another example of the smartphone becoming the Swiss Army knife of banking.”
“Security remains the most important priority for ASB. As with all our credit card transactions, ASB PayTag transactions will be protected against fraud, effectively making this new technology safer than carrying around cash,” says Jones.
PayTag integrates with ASB’s mobile banking app giving customers the ability to link the sticker to their preferred payment account. Customers have unprecedented levels of control, allowing them to self-select the account from which the payment is debited.
“As the New Zealand mobile payments market evolves, ASB will continue to explore new technologies and look at more ways we can offer our customers an array of convenient choices in making payments from their mobile devices,” says Jones.
Related: ASB: Making digital money ‘tactile’ and ‘tangible’ The Innovation Lab provides a preview of the future of banking, says ASB Bank chief architect James Bergin
The sticker can also be used on any mobile phone including non-NFC (Near Field Communication) enabled phones. Planned improvements for ASB PayTag include the ability to turn the sticker on and off, putting control for enabling contactless payments in the hands of the customer.
How will ASB PayTag work?
• Customers will need an ASB Visa debit card.
• Log in to ASB’s FastNet Classic internet banking, register for PayTag and nominate the card to make payments from.
• The ASB PayTag sticker will arrive unactivated in the post.
• Log into FastNet Classic or call the ASB Contact Centre to activate the pin for PayTag.
• Place the PayTag sticker on the outside of a mobile phone.
• Make payments by ‘waving’ the sticker over Visa payWave contactless enabled payment terminals.
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