Square to suffer fierce competition in Australia with new ‘on-phone’ contactless service from CBA

13 December 2017

Commonwealth BankCommonwealth Bank of Australia is set to pose a tough competition for Square, a provider of financial services, which uses mPOS solutions across the nation to provide contactless payments services. CBA will be providing mobile payments capability to business customers under its own brand while delivered in fact through SoftPOS technology, developed by Mobeewave, a developer of contactless solutions in Québec, and Digital Enablement solution from Idemia, a French company specializing in biometrics, identification and authentication technologies.

The while label service of CBA will be provided for Mastercard contactless payments using Samsung flagship smartphones starting the second half of next year. The new offering will allow businesses in Australia to accept transactions made on mobile wallets or contactless cards. The solution will be more advantageous over the one offered by Square, as it requires no additional hardware to get connected.

Sam Itzcovitz, speaking for CBA, noted that the new service will provide Australian businesses with more flexibility to accept in person contactless payments in a matter of seconds just using their mobile device.

Matt Barr, speaking for Mastercard Australia, added that the new trial is another step on its way to making virtually any device a POS. Given the high density of contactless payments adoption in Australia, it is an ideal place for rolling out the new ‘tap on phone’ service for businesses.

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