New Zealand bank ASB has released a new update on its mobile app, giving customers the chance to disable contactless payments after complaints of security risks.
The bank has answered the calls of many customers who have been unhappy with the lack of choice regarding their debit and credit cards. Major Banks in New Zealand now only issue contactless credit and debit cards, which allow sums of up to $80 to be transferred instantly without a PIN number.
Customers concerned about security have complained about having no ability to turn the function off, while several shoppers have reported having the wrong card in their wallets charged.
ASB’s credit card leader Glen Martin said that a ‘‘small but vocal minority’’ of its customers were unsatisfied with the contactless payment service. Another feature included in the update is the ability to block temporarily misplaced cards.
Although this new feature gives ASB customers the choice to decide how they make payments, ASB leaders don’t think that the number of contactless payments will decrease.
‘‘What ASB has done is they’ve listened, they’ve given the cardholder some choice. If we look at the numbers, it’s gone from one million to over five million (transactions a month) in the space of a year. It’s not like people don’t like it, they’re using it,’’ said Caroline Ada, Visa country manager for New Zealand and the South Pacific.
As the demand for immediate payments implementation grows in the United States, Iliad Solutions have identified one of the largest risks to face the payments industry over the next few years.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.