Optus has announced a Cash by Optus, a new NFC-based payment service for Australia, but this one comes with a bit of a difference. It’s actually available now, it works on just about any modern Android smartphone (as long as it has NFC), and it’s available for all post-paid Optus customers. Better yet, it’ll work with any contactless terminal. Why isn’t this bigger news?
Launched in partnership with Heritage Bank (who have a fair bit of experience with prepaid card products), Cash by Optus operates as a virtual Visa payWave debit card which you can load with up to $500 at any one time. Once loaded, customers can use the Cash by Optus app to pay for purchases under $100 at any contactless terminal.
The solution from Optus doesn’t require users to bank with a particular bank, and is billed as an alternative to carrying small change or having to make small withdrawals from the bank to pay for coffee (for example).
The product comes with all the normal security backing that a prepaid debit card would have. Lose your phone? Easy to cancel your account and refund your cash back to you. You can close your account whenever you like, and dispute transactions that you haven’t authorised.
A full list of Cash by Optus’ features follows:
- Check the amount of money you have remaining in real time, with an internet connection.
- Display detailed transaction history, great for people who like to keep track of purchases for security and budgeting.
- Filter and review your transaction history by date.
- Report a fault through the app and request a call back from the support team.
- Use the app without opening it on your phone. On most phones, it works even if the battery is flat.
- Breathe easy about accidental payments – you need to hold your mobile within four centimetres of the contactless terminal.
- Not worry about obvious cash branding on your phone. There’s no sticker to let people know that the phone has the app which is great for security.
- Buy stuff online or over the phone using the virtual card, for purchases up to $250.
For more information or to register for Cash by Optus, head to www.optus.com.au/cash.