“Signature or PIN?” is a question people won’t hear when making a credit card purchase nowadays. The antiquated method of signing for a purchase was retired on the 1 August and signifies the continuous shift towards an all-digital age.
In its place are savvy smartphones equipped with nascent near field communications (NFC) technology. NFC is the technology behind tap-and-go payments, and its inclusion brings smartphones one step closer to replacing the currency and identification housed in our wallets.
Major Australian banks investing in tap-and-go technologies include Commonwealth Bank, Westpac, ANZ and St George. Some banks have operational technology today; others are a work in progress.
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