The National Australia Bank (NAB) has launched its new mobile payment service – NAB Pay - backed by Visa, making it the first bank to use Visa’s Tokenisation Service as the mobile security platform.
With the launch, NAB customers with a compatible Android mobile device and a NAB Visa Debit Card can start using NAB Pay from today, available as part of the NAB Mobile Internet Banking.
Visa’s tokenisation service replaces a customer’s credit card number with a unique digital token that can be used for digital payments without revealing sensitive information.
Today’s launch of NAB Pay comes after NAB’s announcement last year of a ten-year strategic partnership with Visa to collaborate on payments innovation and product development for customers.
To use NAB Pay, customers will need a compatible Android device, have downloaded the latest NAB Mobile Internet Banking App and have a NAB Visa Debit card. NAB Pay is available wherever contactless payments are accepted.
NAB Executive General Manager for Consumer Lending, Angus Gilfillan, said customers were driving the agenda and “increasingly wanted simple and easy digital payment solutions”.
“We’re excited to launch our digital wallet and enable customers to make fast and safe purchases with their mobile phone.
“NAB will also be the first Australian bank to utilise Visa Token Service in Australia, providing an important extra layer of security for customers.
“Tokenisation improves protection for customers because physical card details are never used in the payments process, reducing the risk of fraud.”
“NAB Pay gives consumers another reason to choose NAB as we continue to focus on delivering the number one cards experience in Australia.”
Gilfillan said the partnership with Visa is enabling NAB to significantly invest in its credit and debit card portfolio and “act more quickly to deliver innovative solutions for our customers – as today’s announcement shows.”
“We have a number of exciting initiatives planned this year and look forward to extending the NAB Pay application to support NAB credit cards in coming months.”