Westpac announced plans to roll out new payment technology “Airpay TAP“. The technology is from Quest Payment Systems, a local Australian payment tech provider.
Westpac revealed the new Airpay TAP technology will enable small businesses to accept payments from customers via their compatible Android mobile. The tech removes merchants’ dependency on Point of Sale hardware.
It is being trialled with select Westpac small business customers. The service could be widely available in early 2023.
So how does the Westpac Airpay TAP work?
Businesses download a Point-of-Sale app and start accepting secure, contactless payments from their customers. It’s that simple. However, there is a catch – at least for now: Customers will need a compatible Android mobile phone or tablet.
The advantage for businesses: No need for traditional merchant hardware.
Chris de Bruin, Chief Executive Consumer & Business Banking said “Westpac’s Tap on Phone technology is a game-changer for business owners who need a more lightweight and portable alternative to traditional merchant hardware.
This will transform their compatible Android phone or tablet into a payment device.
“Mobile is already the number one choice for making payments and this solution means small business owners will soon be able to take payments on their phone when a purchase is made or a job is complete, making it easier and faster to do business.
The Airpay TAP software is the first of its kind available in Australia and can be used with Android 9.0 and above.
Westpac’s Airpay TAP builds on an existing suite of tools and technologies, including its upgraded smart terminal EFTPOS Now fleet which is being rolled out for customers.
Westpac recently announced building a new institutional banking platform. The core technology is provided by UK’s 10X Banking. The institutional clients are expected to benefit from a new “market-leading” digital experience. For more details, check out this report here.
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