NAB has launched tap on phone payment technology for small businesses to accept contactless payments when customers tap their card or phone on an eligible android mobile phone or tablet.
The bank aims to make it easier for small business customers to run and grow their businesses. Company officials have spoken with hundreds of small business owners around Australia, and the themes are clear: they want time back and they want their banking to be simple and digital.
NAB Easy Tap removes complexity and provides real-time sales data via the NAB Hive merchant portal, saving small business owners valuable time. With research revealing small business owners continue to cite time and administration as significant pressures, the solution offers an all-in-one product that is quick and easy to use.
In September 2022, the bank started to back the digital identity ecosystem ConnectID to support Australians to validate their identity across ecommerce, utilities, banking, and other services and boost protection against fraud.
When signing up for a new mobile phone plan or another service, for example, identity data will only be accessed when a customer initiates a transaction, authenticates themselves using their regular banking login, and provides express consent. Using a digital identity would also help customers protect themselves from the ever-evolving threat of cybercrime.
NAB worked closely with the newly-formed Australian Payments Plus (AP+), a consolidation of domestic payment organisations BPAY, eftpos, and NPP Australia, and other banks on the ‘ConnectID’ digital identity solution. Through it, NAB will play a critical role in the network as a trusted identity provider, verifying a customer’s identity with the customer’s consent whenever they need to validate their identity online. ConnectID will begin commercial trials in late 2022, with all Australians to have access from mid-2023.
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