Now you can pay with a smartphone

More importantly (and I learnt a lesson recently) don't keep all your eggs in one basket. Debit Card was stolen from my mailbox and $1000 worth of shit was purchased with it. Sure the bank covered it, but only after 4 weeks and I had an OS holiday in the meantime. Nothing is secure, just try and minimise your exposure.

 

Yup. That Tap & Go bullshit was oversold, too. Tap & Go, my arse. It's tap, wait for the card to register, then wait for the data to get sent to the bank, confirmed...then you may go. It only feels very slightly faster than swiping and typing.

You know, the first thing I'd do if I lost a credit card would be to call up the issuer and cancel it, ASAP.

Now that the credit card's integrated into the phone-

Wait.

Shit.

 

Rubbish, I use paypass nearly on a daily basis and it is WAY WAY faster

Data does not get transferred to the bank and then verified, it is instant

Like I said before

Paypass = ~3 seconds

Insert/Swipe & Pin = 15 seconds

Insert/Swipe & Sign = Fuck knows how long

It doesn't matter, in Commbank Kaching & Google Wallet implementation of NFC you need to Unlock the phone (using standard pin number or what ever your smartphones uses) AND then you need to enter a 4 digit pin to enter the app and activate the NFC chip

 

Hmmm, seemed extremely quick the last time I saw paywave used...*shrug*

Personally I just like the ease of it.

 

As a checkout operator, nobody seems to know how to do it or those yellow commbank debit cards don't even work so they stand there smashing their card around taking 2x longer than a normal pinless insert/swipe...

 

RFID/NFC is way faster than any swipe/pin or swipe/sign. I only use EFT or signed for something when I have no other option. Most of the time I use my Octopus (FeliCa RFID) or Visa Paywave and I haven't had any problems with it.

Contactless payment is the future and it's the key to becoming a true cashless society. That's if it's implemented properly and widely accepted.

If you want to envision what NFC can do, read up on the Octopus card in HK. Been using it for over 10 years (using it extensively for the past 3 years) and I don't think I can live without it. Funny thing is that the system was designed by an Aus company yet you guys aren't even using it

http://en.wikipedia.org/wiki/Octopus_card

 

That happens every time there is a new tech involved with payments

5 years ago it was chip in the credit card, guess how many people kept trying to swipe their old credit cards magnetic strip instead of inserting it into the machine for the chip to be read?

10 years ago when PINs were allowed guess how long it took consumer to get use to using a pin instead of signing

15-20 years ago when automated credit card machines which could dial back to banks instead of using the old style mechanical imprinters

etc etc

in 2-3 years everyone will be use to just swiping and going for small purchases just like today people are use to inserting/PIN/Electronic CC machines etc

 

This!

I love my Octopus - greatest thing since sliced bread. I was an early PayWave user in Australia and that was its problem - not enough places to use it.

I use my Octopus as my building access card, on the bus, the train, in the supermarket, small restaurants, vending machines - literally everywhere! It recharges with $250 automatically as needed off my credit card, farking brilliant. About the only place it is missing from is taxis.

 

More on this...

"Phones ring in banks' future"

http://www.smh.com.au/it-pro/business-it/phones-ring-in-banks-future-20120813-244qz.html

 

What I really hope is that these NFC enabled phones will have the facility to disable the NFC facility within the phone interface.

It's too easy to have someone with the right equipment to wave their magic wand around your pocket and pick up all the payment information necessary to rip you off for your ~$100 limit for paypass purchases.

Yes it's a "small" amount but add enough of these purchases together you can put together quite a good amount of rip. You've got to pull the phone out of your pocket/purse anyway, so pull the phone out, turn on the chip, wave and pay and turn it off or allow the timeout to occur and the chip is turned off automatically.

 

its amazing, sorry to sound like an old man (im 29 btw) but are all you f**kers that busy and seriously can't just insert card / saving / enter freakin pin.

Jesus its 10 seconds of your life. GTF over it!

 

as pointed out earlier, japan has been doing this for the last decade without any notable forgery/theft

it also works for travel pass (Suica/Pasmo) as well, so you dont need to carry a ticket for trains/bus etc

 

Looks like my local petrol station has just now picked up PW. I've just got to get a PW card now.

 

I understand exactly where you're coming from, however, the same can be said for many technological innovations out there. SSD's reduce your boot time by 20 seconds... iPhone 4s is only a little bit faster than the 4, 930 vs 2600k.. Cars are the worst offenders without question.. Auto parking, blindspot checks and so on.

They make things even easier than they already are and a little bit faster than they already.

 

If you can make things easier and there are minimal negative impacts then why not?

 

You can disable NFC on the phone:


Plus, have a good read at this:
http://www.google.com/wallet/why/security.html

It pretty much uses the same tech as the Paypass/Paywave cards.
If you have ever tried reading a credit/debit card with a NFC reader, you'll realise a lot of the data is encrypted. Hell, even Myki has encrpytion:

 

So, are we waiting on the Aust banks to support things like google wallet?

How do apps like google wallet get your credit card information? Are they able to scan your physical paypass credit card, or, does google wallet need to be physically linked with each of yout cred cards and rewards cards online?

 

http://www.theaustralian.com.au/tec...rtphone-payments/story-e6frganx-1226741608496

This is pretty neat, especially if it works properly with the inbuilt NFC hardware on some phones.

 

just give me google wallet already, f*ck iphones.

 

I'd much prefer my bank handling that kind of data...