National Australia Bank and Visa implement contactless payments devices

image National Australia Bank (NAB) and Visa have partnered to roll out contactless payments readers with total number of 2,500 devices to be delivered to merchants by Christmas.

On the first stage they will cover 500 merchants – including Sumo Salad and Pancake Parlour – in Melbourne this month.

Waving their Visa payWave-enabled cards against the readers customers will be able to make payments for up to A$100 purchases. The readers are based on EMV chip technology with payments made via radio frequency. The payment information includes an encrypted security code that is unique to each transaction.

Steve Aliferis, executive general manager, working capital solutions, NAB, says: "The motivation for merchants to go contactless is customer convenience and the cost savings and revenue uplift associated with faster throughput and reduced cash handling costs."


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