#Google#NAB#Visa#Australian financial services industry

NAB rolls out Google Pay contactless payments

Addie Thomes
|Apr 12|magazine5 min read

National Australia Bank (NAB) has launched Google Pay for its account holders as it seeks to embrace new payment technologies and methods.

Google Pay joins a lineup of payment solutions which already includes NAB Pay, NAB PayTag, Samsung Pay, and Fitbit and Garmin smartwatches. NAB is working with Visa to install Google Pay capability.

NAB Executive General Manager of Consumer Lending, Angus Gilfillan, said: “We know our customers want to be able to ‘tap and pay’ – it’s fast, easy, and convenient.

“Every three months, we’re seeing the number of NAB customers using mobile payments increasing by around 20%, and the number of transactions being made through NAB Pay increasing 35%.”

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Contactless payments are soaring in Australia, which is one of the most penetrated contactless payment markets in the world.

According to Visa, 92% of its transactions are now made using contactless, be it through cards, phones or wearables.

Visa’s Head of Product for Australia, New Zealand and South Pacific, Axel Boye-Moller, added: “Australians have an appetite for convenience. And, not only are mobile payments convenient, they are also secure, combining EMV chip technology, biometrics and tokenisation. It’s great to partner with NAB to enable yet another innovative way for Australians to pay.”

Contactless cards still dominate the payment scene in Australia. Around 10% of payments in Australia are made using digital technologies like wearables and smartphones, a figure forecast to reach 17% in five years’ time.