National Australia Bank (NAB) and VeriFone Systems have set up an alliance to cater the new payments technology on smart mobile phone devices to Australian businesses.
Under the agreement, VeriFone will be the only provider of point of sale card acceptance solutions for NAB’s 130,000 merchant customers.
NAB working capital services executive general manager David Gall said with the induction of new payment technology, the bank will be able to focus on relationship banking, while offering access to modern payments technology.
The new mobile payment system will help traders to use tablets or smart phones as payment acceptance devices at anytime, anywhere.
The bank will also use the VeriFone’s secure payment network for the launch of updates and improvements as technology evolve, eliminating additional infrastructure requirements, claims the Australian lender.
VeriFone’s open platform facilitates retailers to develop their own applications without bank certification.
National Australia Bank is a financial services organization with over 12,000,000 customers and 50,000 people, operating over 1,750 stores and service centers worldwide.