BUY YOUR NEXT COFFEE WITH YOUR WATCH, THANKS TO OPTUS

Proof of concept, in collaboration with Visa, enables payments on Apple and Android handsets via Cash by Optus app.

Optus today announced a proof of concept (POC) that uses wearable technology to enable mobile payments on Apple and Android handsets via the Cash by Optus app.

Cash by Optus is a contactless payment app, powered by Visa payWave, which allows customers to use a compatible smartphone[1] to pay for goods and services instead of using cash or plastic debit and credit cards.

This next evolution of Cash by Optus enables contactless payments across multiple platforms. It uses wearable technology – a connected watch or a wristband – linked to an Android or Apple handset. Payments can be made using only the wearable without the linked phone nearby. When in close range, the connected watch and linked smartphone sync up via Bluetooth to update the account balance on the connected watch and transaction details on the linked phone.

Ben White, Vice President, Mobile Marketing, Optus, said, “Optus was the first Australian telco to launch a mobile payments app late last year, which has received great feedback from our Android customers. The biggest frustration came from our iPhone customers who wanted to try Cash by Optus, but didn’t have a compatible phone. That’s why we’re developing this wearable technology, which is designed to work on both Apple and Android smartphones.

“We see huge opportunities in the wearable market by bringing new experiences to our customers through products that combine trusted technology with lifestyle benefits. Optus’ aim is to bring contactless payments to our entire customer base across lots of platforms.”

What is Cash by Optus?

Launched in collaboration with Visa and Heritage Bank, Cash by Optus uses Near Field Communication (NFC) and Visa payWave technology that can replace cash purchases below $100.

Cash by Optus works just like a Visa Prepaid debit card. Customers can load up to $500 at any one time and make contactless purchases under $100 at any of the hundreds of thousands of retailers that accept Visa payWave. To get access to Cash by Optus, customers need an Optus mobile service on a monthly plan, a compatible Android smartphone, a NFC enabled SIM and the Cash by Optus app. Cash by Optus is now available for over 110 compatible Android devices across 10 different vendors[2] – an increase from 25 compatible devices at launch last year.

The app uses Visa payWave technology, which features the international EMV chip standard, and provides some of the most widely adopted cryptographic security.

Time is money

Cash by Optus speeds up the transaction process and makes payments even more convenient compared to fumbling with cash and heavy change. Australians are leading the world in their usage of contactless payments with over 75 million Visa payWave transactions in January 2015[3]. In fact, more than half (60%) of face-to-face Visa transactions in Australia are made using Visa payWave[4].

George Lawson, Head of Emerging Products and Innovation, Visa, said, “Australians have proven to be early adopters of new technology when it comes to payments. With Visa payWave so widely adopted, the right conditions are in place for a move to mobile Visa payWave and future devices like wearables. We’re excited to support Optus in its drive to provide a simple payment experience for its customers, across devices.”

Smartphones are getting even smarter

Cash by Optus will continue to evolve as compatibility with platforms, devices and systems grows. Future applications of Cash by Optus could extend to the prepaid mobile market and to other sectors including public transport.

“Optus is focused on bringing innovative products to market. The fast adoption of contactless payments combined with the high penetration of smartphones in Australia provide the ideal environment to foster next generation services. We want our customers to see their phones as a natural evolution to paying for goods and services anytime, anywhere,” said Mr White.

For more information or to register for Cash by Optus, go to www.optus.com.au/cash. The Cash by Optus POC using wearable technology is planned for release later this year.

Image 1: Cash by Optus phone and wearable

Image 2: Cash by Optus wearable

Image 3: Cash by Optus phone and wearable

Image 4: Cash by Optus phone and wearable

Image 5: Cash by Optus phone and wearable

Media contact:

Claire Wong

Optus Corporate Affairs

(02) 8082 7850

media@optus.com.au

This document has been prepared by Optus Mobile Pty Limited ABN 65 054 365 696 (Optus Mobile) without taking into account a customer’s objectives, financial situation or needs. Customers should consider the appropriateness of any advice having regard to their circumstances and read the Product Disclosure Statement (PDS), available from www.optus.com.au/cash before making any decision in relation to the facility. Optus Mobile acts on behalf of Heritage Bank Limited ABN 32 087 652 024 (Heritage) as its authorised representative and has entered into an agreement with Heritage to promote and distribute the facility. Each will receive fees in relation to the facility, which may be fixed fees or percentages based on the prepaid value and the transactions undertaken. You may request particulars of these fees by contacting us. Optus can be contacted on 133 937 and Heritage on 131 422.  

[1] www.optus.com.au/cash /cash

[2] www.optus.com.au/cash

[3] VisaNet, January 2015

[4] VisaNet, September 2014