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· Posted on
February 21, 2024

NAB reckons its time to Square off with the fintechs by allowing payments straight from the mobile phone

NAB is looking to go head on with fintech providers like Square by allowing payments straight from mobile phones.

What's the key learning?

  • NAB is launching a phone-based contactless payment product called Easy Tap to help small businesses and micro merchants receive payments from customers.
  • The society is becoming more and more cashless every day, so NAB is preparing its new product to keep up.
  • Around 75 per cent of card payments in Australia were made with a debit card between 2021 and 2022, and the average Australian made 625 electronic transactions last year.

👉Background: Although the big 4 banks seem very similar to each other - just with different colours - they do actually have their areas of specialisation. For NAB, business banking is the golden ticket.

👉 What happened: Now, NAB is looking to go head on with fintech providers like Square. It is launching a phone-based contactless payment product. It's all about helping small businesses and micro merchants receive payments from customers.

👉 What else: It's aimed at hairdressers, coffee carts and people operating any “side hustles”. And it's all part of the plan to keep up with our cashless society.

What's the key learning?

💡Our society becomes more and more cashless with each and every day, so NAB is preparing its new product, Easy Tap, for a fully cashless society.

💡According to the Reserve Bank, around 75 per cent of card payments in Australia were made with a debit card between 2021 and 2022. On top of that, the average Australian made 625 electronic transactions last year, compared to just 275 transactions ten years before.

💡While NAB may be the first Big-4 mover into this space, it certainly won’t be the last.

  • Westpac has announced a similar product that would allow customers to take payments directly from phones.
  • Commonwealth Bank has already released a white, square-shaped card reader of its own.

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