Don’t have cash, don’t want to sign or use your pin? Just tap your card in front of the new reader, and you are off. Mastercard and Visa have been rolling out the “tap and pay” machines for transactions under $100 AUD.
Banks are quick to roll out the machines, with Commonwealth Bank expecting to have 20,000 introduced in stores by the end of the year. NAB expects to have 25,000 out by mid 2011.
Not all cards have the technology yet, but those that do have the logo clearly displayed on the card.
What about privacy and theft concerns? Commonwealth Bank says the $100 limit is too small to attract fraudsters, who are interested in large, big ticket purchases. The Banking Ombudsman notes that the Electronic Funds Transfer Code of Conduct covers transactions using tap and pay, so customers can be compensated for fraud providing the other conditions under the code of conduct are met.
The full article from Sydney Morning Herald is available here.
