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!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags smartphonesappsonline bankingcommonwealth bank

Featured

Slideshows

Meet the leading female front runners of the Kiwi channel

Meet the leading female front runners of the Kiwi channel

Reseller News honoured the leading female front runners of the New Zealand channel at the 2018 Women in ICT Awards (WIICTA) in Auckland. The awards honoured standout individuals across seven categories, spanning Entrepreneur; Innovation; Rising Star; Shining Star; Community; Technical and Achievement.

Meet the leading female front runners of the Kiwi channel
Meet the top performing customer-centric Microsoft channel partners

Meet the top performing customer-centric Microsoft channel partners

Microsoft honoured leading partners across the channel following a year of customer innovation and market growth in New Zealand. The 2018 Microsoft Partner Awards recognised excellence within the context of the end-user, spanning a host of emerging and established providers.

Meet the top performing customer-centric Microsoft channel partners
Reseller News launches new-look Awards at 2018 Judges’ Lunch

Reseller News launches new-look Awards at 2018 Judges’ Lunch

Introducing the Reseller News Innovation Awards, launched to the channel at the 2018 Judges’ Lunch in Auckland. With more than 70 judges now part of the voting panel, the new-look awards will reflect the changing dynamics of the channel, recognising excellence across customer value and innovation - spanning start-ups, partners, distributors and vendors.

Reseller News launches new-look Awards at 2018 Judges’ Lunch
Show Comments