The Commonwealth Bank today unveiled its near-field communication (NFC) 'Kaching' application, which enables people to make instant payments to anyone with their iPhone.
The free app, which is expected to launch later this year, allows users to pay bills on-the-go and send instant payments to friends and associates via Facebook, email and your phone contacts list. It will also support the ability to swipe-and-pay at restaurants and retail stores using NFC technology.
For the latter, the app will require an NFC-enabled iPhone case, which the CBA will provide to participating customers (the iPhone lacks NFC functionality). At the time of writing, the price of the NFC case has yet to be announced, but it has been confirmed for iPhone 3GS, 4 and 4S models.
In addition to peer-to-peer payments and NFC functionality, the app can also be used to check bank balances, statements and transfer money between accounts. In other words, it provides all of the same basic functionality as the CBA's NetBank service.
“Within 2 years... the way we pay for transactions will be entirely different from the way we pay today,” said David Lindberg, Executive General Manager, Credit Cards, Payments and Retail Strategy at the Commonwealth Bank.
If you're keen to start sending your friends cash on Facebook, you can register your interest at the Commonwealth Bank website.
Currently, the Kaching app is for iPhone users only, but an Android version is expected to appear in the coming months.