The app has a fixed rate 1.4% per tap, with no set up fees or terminal fees. It will also provide data to help users manage their business
In what it describes as a first for a major Australian bank, National Australia Bank (NAB) has launched tap-on-phone payment technology for small businesses.
The new Easy Tap app allows small businesses to accept contactless payments when customers tap their card or phone on an eligible Android device.
This technology will make it easier for small businesses to run and grow their businesses, according to NAB.
“I’ve spoken with hundreds of small business owners around Australia, and the themes are clear: they want time back and they want their banking to be simple and digital,” commented Andrew Irvine, NAB’s business and banking executive.
“This is perfect for Australians with a side hustle—think your local farmers market, coffee carts and mobile hairdressers who don’t want to lug around a payment terminal or dongle and who are looking for instant insight into how their business is performing.”
The app has a fixed rate 1.4% per tap, with no set up fees or terminal fees. The app will also provide data to help users manage their business.
Easy Tap will be competing against other currently available payment apps, including Zeller and Square.
The app is currently only available for customers with an Android device. Fintech Intel spoke to NAB to find out when we can expect an Apple version. “We want this product to be available to as many customers as we can, so it’s front of mind of us to make this happen as soon as we can,” NAB said. “Right now though, it’s only available on Android phones and we find a lot of small business owners tend to prefer Android because it allows more functionality.”
Easy Tap is on trend as Australia moves towards a cashless society. In a 2022 report by the central bank, the share of transactions made electronically in the country has continued to rise as cash and cheques are used less frequently.
Image source: NAB