RUMMAGING in your bag for change could become a thing of the past as shoppers will soon be able to use their mobile phones to pay for shopping.
Eftpos has announced it will trial mobile payments in Australian stores from July.
CEO Bruce Mansfield said if successful, it could mean we see an end to cash for small transactions in future.
“This type of mobile payment could displace low value cash. It’s quicker, it comes down to speed and convenience and potentially a reward. We’re certainly hopeful,” he said.
The trial is part of a five-year deal with mobile payment company C-SAM. It will use near-field communication transactions, similar to Visa Paywave, and apps to create a “mobile wallet” for shoppers.
“The starting point is that consumers already have a love affair with their mobile phones. We’re looking to identify a range of scenarios to interact with mobile as part of shopping experience and what role payments play in that,” Mr Mansfield said.
Shoppers could also be able to make lists, find products and access loyalty offers or rewards schemes using their mobile.
“Imagine you’ve signed up to a program with a specific retailer,” Mr Mansfield said. “They could serve you specials and offers on to the mobile phone. You then decide to go shopping and you may have a list on the phone. It could tell you where things are in store. It could say, ‘We’ve got a special and you can take advantage of that special.”
Retailers involved in the trial are yet to be announced, but it’s likely to include a range of food, fuel and discretionary items with the potential to expand to other types of transactions such as those made online.
Mr Mansfield said as Eftpos accounts for more than 80 per cent of Australia’s 6.2 million daily transactions, security is also a huge priority.
“We can present to consumers the trust and convenience Eftpos has at the check-out in a mobile phone,” he said.