Innovation is everywhere. The process of creating something new or improved continues to make our lives easier, enhance productivity, improve our health, entertain us and broaden our ability to communicate and connect on a global scale. Virtually every improvement in our quality of living over the past century can be traced back to innovation at some level.
This is why, each year, the Research team at CANSTAR assess the business products and services developed by New Zealand financial institutions to determine which ones represent innovation excellence. Because while it is a rallying point for smart thinkers, entrepreneurs and the creative amongst us, innovation is a hungry beast and continues to demand new and better ways of going about our daily lives.
This year CANSTAR has chosen two outstanding products from 16 submissions to our Innovation Excellence Awards. One of these products is ASB’s PayTag.
What is the product?
Using your phone to make contactless payment transactions is not a new idea. ASB PayTag, however, takes the technology to a whole new level.
For those who are not familiar with the concept, 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 Visa credit and debit cards to make contactless transactions at the point of sale. With PayTag you simply hold your phone over the contactless terminal at participating stores and wait for confirmation that the payment has been approved.
The big difference, however, is security. The function on your phone can be turned on or off through the customer’s ASB mobile app or through FastNet Classic online banking. So if you’re not using PayTag, no-one else can either if you turn it off.
Another handy feature of PayTag is that you can easily switch between your accounts whenever it suits you. This is done through the app or online banking. PayTag allows you to spend under $80 per transaction without the need for a PIN or signature. If the sale is over $80, you will need to enter your PIN for an additional layer of security.
Since launched in April last year, over 15,000 ASB PayTags have been issued. When ASB advised targeted customers of this new facility, 45% started using the product, proving the appeal of a contactless payment feature that gives the customer control over its use and choice of accounts and cards.
There are many standout features; here are a few:
• Customers can apply for an ASB PayTag online through ASB Fastnet Classic on line banking. Once the card arrives in the post, it is activated online. PayTag has an initial one-off fee of $5 which is being waived for a limited time. There are no ongoing costs.
• Waving your phone over the contactless terminal is the ultimate way to pay, particularly for smaller items like a coffee.
• You can choose which account to use for payment at any time, even while standing at the payment terminal.
• You can choose when to turn the contactless payment off, as well as on.
• ASB PayTag is compatible with the ASB Mobile app across all major operating systems including Apple, iOS, Android and Windows.
CANSTAR’s verdict …
We like the way ASB has thought deeply about how customers can use the convenience of contactless payment technology via their phone without compromising on security. The fact that you can turn the facility off when you’re not using it and on again in a flash adds a level of security that gives peace of mind. The ability to change payment accounts quickly and easily at any time is another feature that impressed.
CANSTAR congratulates ASB on its Innovation Excellence win.