National Australia Bank is to launch a new automatic payment system at 2,500 terminals across the country, writes Nick Gibson.

The new system, called ‘contactless payment’, is similar to the wireless ‘Oyster’ cards used on UK trains and buses. The new system will allow a payment up to $100 to be made by waving a Visa paywave or Mastercard Paypass credit card in front of a contactless terminal.

The move follows an 18-month trial of the system that’s already in use at Melbourne's Etihad Sports Stadium. Now, using RFID wireless transaction technology, credit card holders can buy things quickly without having to use a PIN or signature.

National Australia Bank will roll out 2,500 terminals by the end of 2009, the Commonwealth Bank will install 2,000 terminals and ANZ will install 350 units at 7-Eleven stores.

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