At first, only the bank's low rate Visa card will be issued with
the contactless Visa payWave technology, but other card products will also start to be issued
with it throughout next year. A spokesperson for NAB would not say how many cards it intends to issue in the
immediate term. They said that users could request the new cards, but that certain customers would
receive them without a request.
The contactless payments allow customers to just hold their cards
near a reader to pay for purchases less than $100, without entering
a PIN or signing.
"Contactless technology can significantly reduce transaction
times, helping to speed up customer service and shorten those
Christmas queues during the festive season," NAB Personal Banking's
general manager cards and personal loans John Busselmaier said in a statement.
"Studies have shown transactions can be up to three times faster
with contactless technology than cash, which gives some valuable
time back to our customers during this hectic end-of-year period."
The Commonwealth Bank
has also been rolling out contactless terminals. It intends to
have 2000 by the end of the year. It is, however, much further in
its contactless card roll-out, based on MasterCard instead of Visa
technology. It has issued over three million cards.