Optus offers customers the option to pay with their phones

November 14, 2014, 4:16 pmYahoo7 Finance

Optus has introduced a new app allowing you to tap your smartphone at the check-out to complete a transaction instead of getting out cash.

From today you can still proceed to the checkout with your basket full of groceries even if you forgot your wallet at home.

Optus has become the first Australian telco to allow customers to pay for goods with the tap of their smartphone.

The company’s new phone app ‘Cash by Optus’, uses contactless payment technology that can be used to purchase items under $100.

Related: Optus loses customers but grows profit

The app works similarly to a debit card, by linking it an Australian bank account and then allowing customers to load up to $500 from their account.

While it isn’t the first app in Australia to use contactless payment technology - such as ANZ’s Mobile Wallet app - it is the first that isn’t associated with a specific bank.

Related: Mobile payment, sensor lock on new iPads

“It’s compatible with many of the latest Android devices and can be linked to any Australian bank account, we’ve got a huge opportunity to bring this technology to a lot of people.” Optus Vice President of Mobile Marketing Ben White, said.

According to Optus, you need a postpaid mobile account, a compatible Android smartphone and a Near Field Communication-enabled SIM, which they will send you on request.

Related: Optus calls for Telstra breakup

And for those who have smartphones with a less than impressive battery life, apparently "on most phones, it works even if the battery is flat."

"Australians never leave home without their mobiles, so it makes sense to build this technology into smartphones now,” White said.

This information was brought to you by

Savings Account Finder

  • Account type

Stock Quotes

e.g. BHP, CBA