National Australia Bank adds instant card feature to NAB Pay to compete in Australia’s evolving mobile payment market

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Australians are the most prolific users of contactless payments in the world. Also, Australia’s major financial institutions and big supermarkets have backed the new payment systems, making them widely available for customers to use. The Australian payments landscape is poised to evolve quickly as customers continue to gravitate towards mobile-based services with the advent of Android Pay, Apple Pay and Samsung Pay. As Australian consumers place greater trust on mobile payments that are offered by major banks, these digital wallet providers have increasingly collaborated with some of the Australia’s major financial institutions.

The National Australia Bank (NAB), one of the four largest financial institutions in Australia, introduced its indigenous contactless payments over smartphones called NAB Pay in January 2016. However, its competitors such as Westpac and the Commonwealth Bank of Australia had been offering digital payments since early 2015.

Catching up with competition and witnessing changing industry landscape, recently the National Australia Bank (NAB) added a new instant card feature on its NAB Pay app. This feature of instantly available replacement credit cards within the bank's app allowed customers, whose card has either been stolen or lost, to make payments with their mobile phones. The newly introduced feature is compatible with Android devices and is intended to render greater convenience and confidence to the NAB customers.

PayNXT360 views this move of NAB will reestablish the fact that the financial institutions would be required to engage consumers not only by leveraging new payment methods, but also by prioritizing user experience and securing trust and convenience in their technologies. The Australian mobile payment market is expected to record to reach US$ 118.2 billion in transaction value terms by 2020.

To know more and gain deeper understanding of mobile payment industry in Australia, click here.