Raiffeisen Bank: Our NFC payments service could cut merchant fees by 70%
The Austrian bank's CardMobile service allows low value transactions to be aggregated, removing the need for each transaction to be authorised individually while still keeping a full audit trail of purchases made.
Raiffeisen's CardMobile service combines Visa's V Pay debit card solution and payments technology developed by Cardis International and has been on trial since July with staff of RBI's local subsidiary, Raiffeisenlandesbank Oberosterreich, in the Austrian city of Linz.
For the trial, participants are using iPhones equipped with a by DeviceFidelity iCaisse sleeve containing an NFC microSD card. This stores both a Visa V Pay debit application and a Cardis stored value application, allowing the two services to work hand in hand:
- The Cardis app is used for low value transactions, valued at under €20.
- The V Pay app is used for transactions valued at more than €20, as well as to top up the balance on the prepaid Cardis app with an extra €50 when funds run low. These transactions require the customer to enter a PIN at the point-of-sale.