AMP Bank has launched PayTag, which allows customers to make contactless payments via their mobile phones.

AMP Bank's contactless payment option will be free to new and existing customers and lets customers make payments up to $100 via a sticker on the back of their mobile phone.

According to recent research by the Reserve Bank of Australia, a third of people surveyed aged under 30 held less than $20 in their wallet. The research also showed the frequency of cash and contact-based card payments between $25-$100 has declined and contactless payments has increased.

AMP Bank Chief Operating Officer Rob Slocombe said customers now had more convenient ways than ever to make their purchases.

"The AMP Bank PayTag makes it easier for customers to make purchases on the run, without the need to carry cash or other cards.

"We appreciate people are leading increasingly busier lives. With PayTag you can pay instantly for purchases, cutting down time on both sides of the counter with shorter transaction times and without the worry of having to carry around cash or your wallet," said Mr Slocombe.

The AMP Bank PayTag uses Visa payWave technology and can be used for purchases up to $100 without a PIN at any outlet with contactless terminals.

The AMP Bank PayTag can be attached to any mobile device.


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