NAB’s Visa digital wallet helps block Apple
NAB’s first digital wallet out on Monday is backed by Visa, making it the first Australian bank to use a new mobile security system that fights Apple’s bid for a share of the $2.5 billion in fees for credit card transactions.
NAB’s new digital wallet, NAB Pay, will allow customers to use an Android smartphone or other mobile device to make payments via the NAB mobile app with a virtual Visa card. It will later allow credit cards to be used as well.
Most of the banks, including Commonwealth, Westpac and numerous regional banks and mutual lenders, already offer similar wallets, but NAB’s is the first to use Visa’s new Visa Tokenisation Service as the mobile security platform.