NAB has announced it has updated its Android app to support wireless payments in the same vein as Apple Pay and Google’s Android Pay.
The new service called NAB Pay is available right now, and allows you to pay for things by just turning your phone’s lock screen on and tapping your phone over the payment terminal.
When Google announced Android Pay was coming to Australia last month, NAB was a notable missing bank. Its new service fills in the missing piece of the puzzle as to why it wasn’t there.
NAB is partnering with Visa for their token service with NAB Pay. This means that when making a payment, an account’s details are replaced with a digital token, meaning numbers are never shared with a merchant.
However, there’s one big omission from the service. At launch, NAB is only supporting Visa debit cards, with no support for credit cards of any type, despite rivals such as the Commonwealth Bank and Westpac supporting a multitude of card types.
Apple has a similar problem with Apple Pay only offering one partner in American Express. Local banks are refusing Apple’s push to take 15c of the 83c banks receive for every $100 worth of transactions processed by Visa or MasterCard and are instead offering their own services.
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