Commonwealth Bank adopts NFC technology with new iPhone app

Mobile Commerce Bank

Australia’s Commonwealth Bank, a multinational financial institution, has announced a new iPhone app that will make use of NFC technology. The bank is looking to mimic the relative success other companies have had with so called mobile wallets – smart phones that can be used to make purchases. The bank’s adoption of the technology heralds the dawning of a new era in Australia, and other countries, that may see smart phones replacing debit cards or cash. It may be difficult to win over consumers, however, as many are still unfamiliar…

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