Whilst Bendigo Bank in Australia is worried about Google and PayPal, Commonwealth Bank responded this morning by launching the first really innovative mobile app for payments that I've seen since BBVA's Strands.
The app is called "Kaching", and allows users to pay with NFC and Facebook to almost anyone.
On the bank's website, the key features listed include:
Pay to mobile
Splitting the bill for dinner? With our new app, you can send money to your friends as easily as sending a text message.
Pay to email
Chipping in for a friend's present? Make a payment on the go by using your email contacts or by directly entering an email address.
Pay to Facebook
Purchasing concert tickets for your friends? Enjoy the convenience of paying your Facebook friends using Kaching.
Contactless
Transform your iPhone 4 or 4S into a contactless payment solution for goods and services. All you need is an iCarte case, available from the Commonwealth Bank. You can use it wherever PayPass is accepted.
Although just on the iPhone to begin with, it’s a dramatic move from a bank, so much so that Commonwealth thought it worth doing a global media event around it.
You can watch the event by clicking here.
Does this set the standard for other banks to follow?
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...