On-the-spot Aussie credit transactions available on mobile phone

People can pay transactions on-the-spot thanks to new application from ANZ.

The ANZ bank has designed an application for the Apple iPhone to allow people to pay Aussie credit and debit transactions on-the-spot for something like a kitchen appliance.

This could save companies from carrying around portable Eftpos machines and make it easier for consumers, Australian IT reported.

People worried about safety could be intrigued to note that their credit card details are encrypted and no data is actually stored on the mobile phone.

The application by the bank – which offers a range of ANZ savings accounts – has been dubbed the ANZ ePOS Mobile.

Peter Dalton, head of innovation for the organisation, said it is looking to bring the device to iTunes in Australia by June.

He added: "We're trying to deliver banking solutions that make things faster and simpler for our customers."

Earlier this month, the bank announced the launch of an online tool - ANZ Business Insights – designed to use data taken from merchant Eftpos machines to view sales patterns.

By Mark Hornby