Smartphones have allowed consumers to make cashless payments with the inclusion of bank apps from major banks, such as Westpac which provides users with several cashless methods. A “pay fast” method allows users to pay by just waving your phone even if it is locked; an “open app” that lets you pay without the need for a signature and the “PIN method”, which is a more secure method of payment as it requires you to sign in.
All these and other similar methods are innovations meant to push for a cashless society, and according to Westpac chief product officer David Lindberg, we are two years away from that becoming a reality. Banks are encouraging merchants to accept payments using mobile terminals that will eventually replace cash. Paypal has launched a mobile terminal for card readers this week that will allow users to take payments from their online Paypal accounts.
Cashless transactions are a great way to pay, as it promotes convenience. On top of it all, banks and major establishments have to ensure that security measures are in place to secure and protect the finances of the consumers.
Read more about this on the Sydney Morning Herald website.