Commonwealth Bank of Australia (ASX:CBA) has launched a new payment app which could effectively signal the end of credit card payments.
The free "tap and pay" app, called ‘Kaching’, is understood to be a world first in mobile technology as it allows customers to use their iphone’s contacts and email addresses to transfer payments.
Payments will be able to be made through email, text message or social media accounts such as Facebook.
The app is authorised to be used on only one handset, currently limited to iPhone 3GS, iPhone 4 and iPhone 4S, and no personal banking information is stored on the phone.
CBA says in August this year more than 16 million logons were made to NetBank in Australia using a mobile device, a 229 per cent jump from the same time a year before.
In the 2011 financial year Commonwealth Bank’s net profit gained 13 per cent to $6.4 billion.
