Menu
Commonwealth Bank introduces Cardless Cash, Lock and Limit

Commonwealth Bank introduces Cardless Cash, Lock and Limit

Banking institution adds expanded functionality for customers with smartphones

Commonwealth Bank has introduced two new functions for its CommBank app.

The first is Cardless Cash, which lets users send authentication details to a friend or family member that can then be used at an ATM to withdraw cash.

Commonwealth Bank analytics and strategy payments cards executive general manager, Angus Sullivan, said this functionality advances the bank’s mobile wallet agenda

“This real time capability is critical for us, as customers are increasingly on their mobile phones and want to transact with us in real time,” he said.

“The capability we have from a technology perspective enables us to bring these technological innovations to the market and provide great value for our customers.”

Cardless Cash is currently set at a limit of $200 and will be rolled out in phases throughout Commonwealth Bank’s nationwide network of 3000 ATMs.

Overseas limits

Read more: World's thinnest nanowires may lead to foldable tablets, smartphones

Lock and Limit is aimed at securing credit card use overseas.

The function contains toggles that limit and lock how the credit card will be used, such as locking online and in-store international payments, blocking ATM transactions and setting transaction limits.

Sullivan said the management of spending on credit cards has historically been a “reactive process,” where people look at statements later to see if online transaction was fraudulent.

“Now we’re putting customers in control through their mobile,” he said.

Read more: Nokia appoints Rajeev Suri as President and CEO

Sullivan adds this functionality, as well as Cardless Cash, leverages real time capability.

Lock and Limit will be available initially with the four different functionalities, though Sullivan said they will “improve and refine” the app as more customers use it.

Both function are available in May for Android and iOS, and are free to existing CommBank app users.

Patrick Budmar covers consumer and enterprise technology breaking news for IDG Communications. Follow Patrick on Twitter at @patrick_budmar.


Follow Us

Join the newsletter!

Error: Please check your email address.

Tags appssmartphonescommonwealth bankonline banking

Featured

Slideshows

Channel celebrates as HP marks 50 years in NZ

Channel celebrates as HP marks 50 years in NZ

HP marked 50 years in New Zealand at an event in the vendor's Auckland's headquarters last night, with a host of key channel figures coming along to celebrate. Photos by HP.

Channel celebrates as HP marks 50 years in NZ
EDGE 2017 - Icebreaker Sessions round 2

EDGE 2017 - Icebreaker Sessions round 2

EDGE guests experience the value of networking at the second round of Icebreaker sessions.. Photos by Maria Stefina

EDGE 2017 - Icebreaker Sessions round 2
Show Comments