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Heritage Bank enters mobile payments market

Heritage Bank has announced plans to launch a new mobile app in a move it says is the first of its kind by a non-major bank.

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>The bank's MobilePay app will see customers authorise transactions from their linked Visa credit or debit account simply by tapping their compatible smartphone at a Visa Paywave terminal.

The move makes the mutual the first bank in Australia, outside the big four, to develop and launch its own mobile payments solution in-house.

Heritage CEO John Minz said the MobilePay system offers a number of security and simplicity advantages.

“Our MobilePay system is great news for customers as it provides a quick, simple and secure way for them to use their mobile phone to authorise payments,” he said.

“Our solution works by creating a ‘virtual’ copy of your Visa debit or credit card on your phone, with a completely different number. You can then tap your phone at Visa Paywave terminals to make transactions from your linked account.

“Receiving a completely separate number means you keep your existing credit or debit card secure, and you don’t need to type in any personal information like card numbers, card verification numbers or a PIN.”

MobilePay is available for users with an Android 4.4 with Kit Kat software and above, NFC functionality, and a Visa credit or debit account with Heritage.

The tap and go feature works for transactions up to $100, with transactions above that amount requiring users to enter a PIN.

Heritage Bank enters mobile payments market
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