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Connexus : Issue 42
Catching an Aussie wave Heritage Bank is working with Optus and Visa on a contactless payment product. Australia is fast becoming the world leader when it comes to contactless payments, according to Visa's Australia country manager Vipin Kalra. New forms of payment are opening up as more smartphones with Near Field Communication capability become available and security improves. "Mobile NFC payments are shaping up to be one of the key technology trends for 2013,” says Kalra. Optus has been trialling its m-wallet payment system with Heritage Bank and Visa and an offcial launch is planned for later this year. The system uses NFC and Visa payWave technology. Security is included on the phone's SIM card, using an EMV chip -- the global standard for credit card chip technology developed by Europay, Mastercard and Visa. Using the Optus m-wallet, customers can 'wave and go' to pay for small purchase transactions such as coffee, petrol, grocery items and movie tickets at hundreds of thousands of retailers nationally and internationally where Visa payWave is accepted. Heritage CEO Mr John Minz says the collaboration with Optus and Visa holds exciting prospects. "Heritage is one of the leading issuers of pre-paid cards in Australia, and we are excited to be working with Optus to use our expertise in this area to help develop this new smartphone product," he says. "Technology continues to transform the banking world and we are delighted to be involved in a project that puts us at the forefront of developing this type of payments technology in Australia," Minz says. LENDERS CPD PROGRAM 206 RG206 Made Easy Program 206: • On line quizzes – 2 hours each • 10 modules in total equals 20 hours CPD each year • College will issue an annual CPD Statement of hours to comply with RG206.13 • Modules cover the specifc requirements of RG206.87 • Cost $270 plus GST Call the College on 1800111700 or email firstname.lastname@example.org Partnering with Mutuals to deliver quality training and Nationally Recognised Qualifcations in all states and territories. www.austcollege.com.au Talk to a team that understands your business and take the worry out of complying with your Lending CPD requirements. www.abacus.org.au 41 Technology