ANZ Bank will be rolling out a Europay, MasterCard and Visa (EMV) secure solution that reads credit or debit card data without the user having to insert their card into the ATM during 2015.
Dubbed Tap & PIN, the service is a response to ATM skimming. According to the bank, counterfeit card fraud costs the Australian financial services industry $25 million a year.
The EMV ATM technology will also work with near field communication (NFC) technology. For example, an ANZ Bank customer will be able to program their NFC-enabled smartphone with the cash amount they want to withdraw. When they get to the ATM, it will recognise the customer and allow them to withdraw cash.
The bank also announced that it will launch an EMV and Payment Card Industry (PCI) compliant card reader device for iOS and Android devices that have the ANZ FastPay smartphone app. The device connects through the audio-jack port in an iOS or Android device.
According to ANZ Bank, the device will be available in the first half of 2015 and allow ANZ’s business customers to process credit or debit cards securely from their smartphone.
“This device is in direct response to feedback from our business customers who told us they wanted a more convenient way to enter card details,” ANZ Bank CEO Australia Philip Chronican said in a statement.
“This enables customers to accept both credit and debit payments using PIN on their preferred mobile device,” he added.
ANZ Bank announced a NFC mobile wallet pilot for Android devices back in October 2012. The trial began with 25 ANZ employees.
Following two years of trials, the bank will be launching its mobile wallet offering in early 2015. The mobile wallet uses NFC technology to provide customers with a contactless mobile phone payments system. People can tap or swipe their smartphone to make a purchase.
“Customers have openly embraced pay wave, with around 74 per cent of all debit card transactions currently taking place using this technology. This [mobile wallet] solution provides our customers with another convenient way to make purchases via their mobile device, wherever contactless cards are accepted,” said Chronican.
He added that customers can transfer and store a single ANZ card or multiple ANZ cards on their phone to make payments at contactless terminals.
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