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National Australia Bank tests cashless payment for small, solo merchants

August 9, 2019

National Australia Bank is testing a tap-on-phone technology that allows small businesses and sole proprietors to accept cashless payments. 

NAB said the pilot, in tandem with Visa and Quest Payment Systems, will let businesses accept payments up to $100. The trial, according to a press release, is designed to help merchants too small to invest in regular point-of-sale terminals, but want to accept digital payments. 

"Currently there are limited options for merchants such as market stall vendors, boutique retailers, sole traders and startups to accept payments other than cash," said Andy Kerr, executive general manager, transaction banking at NAB, in the release. 

Customers download the application on smartphones and NAB provides a login to use the service.