ASB last week launched its own pay wave sticker for mobile payments, becoming the latest financial institution to release a mobile wallet option to its customers.
The ASB PayTag is a Visa payWave sticker that goes on the back of a user’s phone, and is linked to either their chosen ASB Visa Debit or ASB Visa credit card account. The stick, which Westpac is also piloting, is a workaround for smartphone owners who are not yet able to make mobile payments using the phone itself.
Users only need to hold their phone over a contactless terminal at participating stores and wait for confirmation that the payment has been approved.
"With the sticker attached to any mobile phone, customers will be able to hold and pay in exactly the same way that the existing ASB Visa contactless (credit and debit) cards work, eliminating the need to carry a physical wallet," ASB says.
The ASB PayTag allows users to switch between their accounts within the ASB Mobile Banking app or by using online banking. “What's great about ASB PayTag is having the control to turn it on and off through the ASB Mobile Banking app or FastNet Classic online banking, giving you even more peace of mind,” the company says.
"The value of ASB PayTag is that it integrates seamlessly with ASB’s mobile banking app giving customers the ability to link the sticker to their preferred payment account. Customers have unprecedented levels of control, allowing them to self-select the account from which the payment is debited."
The ASB PayTag has an $80 purchase limit where users will not have to use a pin or signature.
The company says customer security is its first priority and the ASB PayTag is protected against fraudulent account activity the same way as contactless debit and credit cards.