The newly launched app, dubbed Cash by Optus, uses near field communication (NFC) technology for payments. The app can be used to for purchases under USD 100 at retailers that support payment via Visa payWave.
The app functions in a similar fashion to a prepaid debit card and requires value up to a maximum of USD 500 to be added to it before purchases can be made. The app is backed by financial services provider Heritage Bank.
Optus customers need to order an NFC-enabled SIM from the telco. In most cases, the NFC SIM will mean that Cash by Optus can be used for purchases even when the handsets battery is flat, according to the telco.
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