CBA adopts new mobile payments tech for small business
The Commonwealth Bank (CBA) has signed a new deal with payments developer Mobeewave which will allow small businesses to instantly accept credit card payments through their smartphones.
The agreement, secured with Mastercard, security and identity solutions provider, IDEMIA, and Samsung Electronics Australia, will bring Mobeewave’s Softpos payment solution to Australia for the first time.
The technology will offer greater flexibility and mobility to local small business vendors, allowing them to accept payments of less than $100 by tapping their phones against a customer’s contactless card or digital wallet.
Mobeewave, a Canada-based mobile payments developer, will provide a white label solution to CBA, leveraging IDEMIA’s Digital Enablement platform to secure the payment. The infrastructure is based on Samsung’s KNOX platform and IDEMIA’s embedded secure element (eSE) PEARL.
“This solution gives Australian small businesses the ability to accept in-person payments quickly and simply using just their phone so they can get on with running their business,” said Sam Itzcovitz, Commonwealth Bank Managing Director Commerce and Platforms.
“We are proud to be bringing leading brands Samsung and Mastercard together with IDEMIA and Mobeewave to put this innovative technology into the hands of our customers.”
According to research by Mastercard, more than four in five Australian consumers are using contactless payment at least once a week; however, fewer are making use of mobile contactless payment services.