Westpac’s newest technology will enable small businesses to accept payments on their mobile phones or tables from customers through portable Tap-on-Phone software by early 2023.
The major bank’s software uses Airpay TAP technology from fintech payment provider Quest Payments Systems.
As the first of its kind in Australia, Airpay TAP allows small businesses to download a Point-of-Sale app and start accepting secure, contactless payments from their compatible Android mobile phone or tablet (9,0 or above), without the need for traditional merchant hardware
SMEs can receive customer payments via cards, mobile wallets and wearables when a card or device is hovered over the near field communication reader. It is being trialled with select Westpac small business customers ahead of becoming more widely available next year.
Chris de Bruin (pictured), chief executive of consumer and business banking at Westpac, said the Tap-on-Phone was aligned with the recent shift in customer preference for using mobile phones to make payments.
“We’re always looking for ways to make it fast, flexible and secure for businesses to keep connected with their customers and get paid,” Bruin said.
“Westpac’s Tap-on-Phone technology is a game-changer for business owners who need a more lightweight and portable alternative to traditional merchant hardware, enabling their compatible Android phone or tablet to transform into a payment device.”
The entire process is contactless, except for inputting a PIN for transactions above $200 as part of Westpac’s added security measures.
Quest CEO Jan Mason said Airpay TAP eliminated the need for physical payment terminals or other additional hardware, making it free for businesses to integrate in stores.
“The pandemic has changed the way people pay and do business – with contactless and digital payments a clear preference,” Mason said. “Quest’s software-based payment solutions are at the forefront of this transition.”
The initiative is led by Mandy Rutherford, managing director of the cash and transactional banking team at Westpac.
