Commonwealth Bank of Australia (ASX: CBA) joins the elite league of ‘first in the world’ as it launches the world’s first iPhone app that in all probability is expected to initiate the end of credit card payments effectively. This is the first time when an iPhone app will enable you to make payments through email, [...]
Commonwealth Bank of Australia (ASX: CBA) joins the elite league of ‘first in the world’ as it launches the world’s first iPhone app that in all probability is expected to initiate the end of credit card payments effectively. This is the first time when an iPhone app will enable you to make payments through email, text message or social media accounts such as Facebook.
In short, Kaching iPhone app is the first mobile banking app to blend social, peer-to-peer and near field communications (NFC) payment technology. What sets it apart is the triple-play that promises to offer its customers with customer service and convenience through innovation and enhancement.
As of now, Kaching is authorized to be used only in limited handsets such as iPhone 3GS, iPhone 4 and iPhone 4S. Moreover, no personal banking information is stored on the phone yet.
How it Works
Kaching – the free ‘tap and pay’ iPhone app is an ambitious all- inclusive payments app to be ever launched by a banking 
institution. CBA believes that this iPhone app will revolutionize banking like never before – courtesy its pioneering mobile technology that will allow customers to use their iPhone Contacts and email addresses to transfer payments.
If you are using the CommBank Kaching app, you will be able to make payments of up to AU$100 (about €75) to anyone on your iPhone Contact list, email address, or Facebook. The payment and transaction will be carried out depending on the format selected for payment.
The best part about this app is that you can formulate the transaction as per your prerogative – either instantly or by generating a unique code for delivery to the recipient. So the recipient always has the advantage of accessing their payment online at their convenience.
The Facebook advantage
Kaching iPhone app for CBA is the first application that has made banking and transactions possible via one of the most popular social media – Facebook. The added advantage of making transactions via Facebook is that the recipient will get notifications on receiving a payment; and thereafter will have to obtain the collection code from the payer to retrieve their funds.
Commonwealth Bank’s Kaching application will be launching for iPhone users in the coming months. But, what makes CBA highly optimistic about the success of Kaching is based on its NetBank record of August, 2011; when more than 16 million logins were made in Australia using a mobile device – that is a 229 percent rise when compared to NetBank record of August 2010.
What are your views on Kaching app for CBA? Do you think it will change the way the world perceives banking?
This article, Kaching! Australian Bank to Launch iPhone NFC Payment App, was originally published at simonblog.com.
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