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Australian taxi firm's switch to contactless payments puts pressures on banks
2 Nov 2010

Major banks in Australia could be pressured into offering contactless smart card payments after a regional tax firm introduced the technology.

According to a report in the Australian Financial Review, Cabcharge's decision to accept contactless transit card payments in its 20,000-strong fleet of vehicles could encourage high-street banks to do the same.

Furthermore, card providers such as MasterCard and Visa have been pressurising both retail banks and credit unions to make the move to contactless-enabled cards.

Advocates for the technology claim the 'touch-and-go' cards could cut down on fraud in public transport as fewer transactions would involve cash.

In Australia, contactless smartcard holders can pay for goods worth up to AD$100 (£61) without having to enter a PIN. In the UK, however, users can make low-value transactions of up to a maximum of £15.

Cabcharge is set to deploy the technology in its taxi cabs, limos and water taxis after it receives regulatory approval from officials in Victoria.