Contactless cards are going bonkers right now. It seems everyone wants to be wave and go. The only way to take it to the next level is to leave the card at home.
CBA started it with their mobile ‘stickers’ and introduced an app so you could get cash out of the nearest ATM without your card – quickly followed by Westpac.
While I find the concept interesting, it does add another level of security risk if you lose your phone.
That being said, the concept is here to stay… in fact it’s going gangbusters.
Coles is the first retailer to introduce their own mobile wallet and ‘Pay Tags’ so you’ll always be able to shop – wallet or not. It’s tied into the FlyBuys program so thats another card you can leave at home. You need to have the Coles Mastercard to integrate everything together but that’s likely in any case if you are in their FlyBuys program.
Kudos for Coles to building a strong brand loyalty based on the programs by Tesco in the US. With their Insurance, Mobile and lending products, (not to mention the tons of data they have on your life habits)
Coles has carved a deep garden to hold on to their customers. Their mobile wallet is the next link in their walled garden.
You should be looking closely at what Coles is doing and why.