Yahoo Finance NAB’s new cashless move following ‘digital banking boom’
NAB has joined Commonwealth Bank and Westpac in offering digital cards for customers.
It’s now even easier for NAB customers to make cashless payments, following a shakeup to the major bank’s app features. Mobile wallet transactions have skyrocketed in recent years, as customers opt for the convenience of a digital tap and go.
NAB customers can now view their full physical card details digitally in the app, including their card number, expiry date and CVV, for debit and credit cards. That means they no longer have to grab their physical card when making a purchase.
Customers can copy and paste their card details across when paying for things like online shopping, in-app payments, bills, setting up recurring payments and setting up their digital wallet.
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NAB personal everyday banking experience manager Saurabh Chawla said the new feature would take away those moments where you go to pay for something online, only to realise your card’s in another room or out of reach.
“Now, with just a tap, customers can access those details securely inside the NAB app,” Chawla said.
The feature will also benefit customers who are waiting for a new card to arrive in the mail. Once you’ve been approved for a new card, those details will automatically appear in your app within hours for you to use.
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NAB said the change was made in response to customer feedback, with digital cards one of the top features requested from customers.
The major bank is behind some of its competitors with the move. Major banks like Commonwealth Bank (CBA) and Westpac already offer their customers digital versions of their debit and credit cards in their respective apps. These can also be used by customers when waiting for a new card.
Bank customers can also add their cards to the digital wallet on their phones, so they don’t need to use their physical card when making purchases.
Mobile wallet transactions skyrocket
It comes as more and more Aussies opt for digital payment options over using cash.
A new report from the Australian Banking Association (ABA) found mobile wallet transactions had increased 35 per cent in the last year.
Customers of the major banks made $126 billion in payments with their mobile wallets in 2023, overtaking total ATM cash withdrawals at $105 billion for the first ever time.
ABA CEO Anna Bligh said Australia was in the midst of a “digital banking boom” but stressed banks would continue to support those who still preferred to use cash and face-to-face banking services.
“This report shows that Australians are using less and less cash, but we’re not about to become cashless anytime soon,” Bligh said.
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