NAB has launched a new ‘tap on phone’ app for small businesses, enabling Android devices to accept contactless payments.
The service was developed with small retailers, market stalls, and trades in mind to simplify their cashless payments.
It enables customers to pay small businesses via their card or phone on an eligible android mobile phone or tablet.
Retailers with Android 9.0 software and above will be able to accept payments via contactless cards. digital wallets and wearables through their phone or tablet’s near field communication (NFC) reader.
The app was first built for Android devices, as the bank believes they are preferred by small business owners.
The app is powered by Airpay TAP technology through NAB’s partnership with Melbourne payment company Quest, which also powers Westpac’s ‘Tap-on-Phone’ service set to roll out early 2023.
It can be used anywhere Visa, Mastercard, EFTPOS or American Express are accepted, however the app currently doesn't accept UnionPay, JCB and other non-standard card payments.
Transactions have no minimum purchase requirement and there are no upfront costs, ongoing device fees, lock-in contracts or need to buy or rent a separate payment terminal, according to the bank.
NAB small business customers can apply online or download the app from the Google Play Store and start accepting payments shortly after.
Once downloaded, NAB Easy Tap provides users with a dashboard containing an overview of how the business is going including payments received and most popular items.
Users can also access multiple ‘modes’ for better personalisation, invoicing, unpaid orders, direct sales, refunds and payment history.
It also links back to the bank's new cloud-based merchant payment portal, NAB Hive where businesses can access more detailed information on their business settlement data.
NAB group executive, business and private banking Andrew Irvine said after speaking to “hundreds of small business owners” it was clear “they want their banking to be simple and digital”.
“NAB Easy Tap removes complexity and provides real-time sales data via the NAB Hive merchant portal, saving small business owners valuable time,” Irvine said.
He added NAB East Tap “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.”
