Credit Cards - NAB rolls out contactless credit card technology for Christmas

Credit card customers with the National Australia Bank (NAB) will now be able to pay goods and services using contactless technology.

National Australia Bank (NAB) customers looking to purchase gifts in the run-up to Christmas will be able to make use of contactless credit card technology, it has been revealed.

Moves by the bank will allow those in possession of the NAB's Low Rate Visa Card to pay for goods and services of a value of less than $100 at some 2,500 NAB contactless readers installed throughout the greater Melbourne and Sydney areas.

With Aussie credit technology being installed in the cards as of yesterday (November 26th), payment is made by passing over the plastic product in front of the EFTPOS terminal.

"Studies have shown transactions can be up to three times faster with contactless technology than cash, which gives some valuable time back to our customers during this hectic end-of-year period," John Busselmaier, head of credit cards and personal loans for NAB states.

The bank reveals that such Australian banking facilities are to be extended over the next few months, with some 200 contactless readers set to be installed at the Melbourne Cricket Ground by Boxing Day.

News of the technology comes as the Reserve Bank revealed that credit card transactions increased two per cent over the course of September to $19.246 billion.

By Ashley King