ASB PayTag a winner

Each year the Research team at CANSTAR assess the innovative business products and services developed by New Zealand financial institutions and each year the overall level of innovation in this country continues to impress us. This year ASB has taken a CANSTAR Innovation Award for a service that has terrific user functionality and convenience: ASB PayTag.

ASB PayTag is a Visa payWave sticker that attaches to the back of a mobile phone and can be used in a similar way to existing ASB Visa credit and Debit cards to make contactless transactions. ASB PayTag can be controlled securely from the customer’s ASB Mobile app or through FastNet Classic online banking, enabling the user to turn it on and off at any time. With an ASB Visa Debit PayTag there is the added benefit of being able to switch between accounts using ASB Mobile Banking app or through FastNet Classic online banking.

A four digit PIN is required as an additional layer of security and to enable contactless transactions over $80.00

CANSTAR caught up with ASB Manager – Payments Innovation, Hans van der Stelt, for a quick Q&A on the award-winning product.

 

Q: ASB PayTag is a terrific innovation – has it had good take up by your customers?  

A: We have had in excess of 15,000 customers take up PayTag, with roughly an equal split between the debit and credit option.

 

 Q: What is it about the PayTag that customers particularly like? 

A: From our feedback, it’s the ease of use, secure control and compatibility with iOS, Android & Windows Phone platforms. Portability across devices is also a big plus. We have had numerous stories of individuals leaving their physical wallets or cash at home and having PayTag as a convenient contingency option has proven a life saver.

 

Q: A feature that our Researchers particularly liked was the ability to switch between accounts and the ability to switch it on an off via the app.  Where did the idea for these features come from?

A: ASB has been heading down the path of Customer Initiated Controls within the ASB Mobile Banking app for a while and a lot of internal testing prior to public launch provided feedback from users suggesting this could be a popular feature. There were also some customers we perceived to be less confident with NFC payment technology and may have had some concerns around ‘tap and go’, so giving them full control to switch the PayTag off before they go on holiday or simply activate before they make a purchase seemed like a good idea.

 

Q: Do you know what types of transactions customers typically use PayTag for? 

A: The top four merchant categories are Groceries, Fast Food, Eating Places and Service Stations.

 

CANSTAR congratulates ASB on the Innovation Excellence win.

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