Australia's Commonwealth Bank has launched an app that combines NFC with peer to peer payments as well as social payments such as Facebook. The app is called “Kaching” as in, the sound that cash registers make. According to the HIndustan Times, it is the most all inclusive mobile payment app to be released by a banking institution yet. A Commonwealth Bank spokesperson said, “Globally Commbank Kaching is the first mobile banking app to fuse social, peer-to-peer and near field communications (NFC) payment technology.”
Kaching, offering mobile payments
Kaching will let users make mobile payments via email addresses, phone numbers or Facebook to any of their contacts. The total amount of money that can be transfered is 100 Australian Dollars (approx Rs. 5,212). The app will use contacts from the user's mobile device or their Facebook friends to begin a transaction. The Commonwealth Bank spokesperson said, “Depending on the format selected for payment, the transaction will either take place instantly, or generate a unique code for delivery to the recipient, allowing them to access their payment online at a convenient time. In the case of Facebook, notification will be made to the recipient that they have received a payment, and they need to obtain the collection code from the payer to retrieve their funds.”
Peer to peer mobile payments are still rudimentary and it will be a little while before it becomes a mainstream way of payment, even here. However, a lot of banks are reluctant to roll out this technology mostly because a lot of them don't know it exists. However, since it's growing in Australia, it might be an eye opener for banks in other places too.