Commonwealth Bank of Australia (CBA) has agreed a deal with Mastercard, IDEMIA and Samsung to enable its customers to use Mobeewave’s SoftPOS technology.
The partnership will allow Australian small businesses to accept secure payments of less than A$100 ($76) by simply tapping their phones with a contactless card or mobile wallet.
According to research from Mastercard, more than four in five Australian consumers are using contactless payments at least once a week, but fewer are making use of mobile contactless payment services.
Through this partnership, Mobeewave will provide a white label solution to CBA, leveraging IDEMIA’s Digital Enablement platform. CBA customers will be able to accept Mastercard transactions on Samsung flagship devices from the second half of 2018.
Sam Itzcovitz, CBA MD Commerce and Platforms, said: “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.
“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.”
Matt Barr, Senior Vice President, Core, Digital and New Payment Flows of Mastercard Australasia, said: “This pilot brings us one step closer to our vision of enabling every device to become an acceptance device. We all use our phones to make payments, why not use them to accept payments as well.
“With its high use of contactless technology, Australia is an ideal environment to roll out this type of ‘tap-on-phone’ solution. I am proud that together with our partners, we can bring yet another innovation to the market and help merchants to grow their business.”
Mark Garvie, Asia Pacific Managing Director for Financial Institutions, said: “We are delighted to partner with Mobeewave in launching this new and innovative technology as it is the first offering of its kind in the world. The rise of mobile payment solutions in the fintech market has the potential to seriously disrupt existing payment methods and this will be one of the channels through which that disruption will flow.”
Maxime de Nanclas COO and co-founder of Mobeewave, said: “CBA will be the first financial services institution in Australia to offer the Mobeewave SoftPOS solution. The invaluable support of global leaders like IDEMIA and Mastercard will accelerate the deployment of Mobeewave’s patented technology to forward-looking banks around the world.”
The solution uses the secure and customisable Samsung KNOX platform, and IDEMIA’s embedded secure element (eSE) PEARL.