Optus today launch a mobile wallet solution that doesn’t require you to belong to a particular bank and is compatible with a number of recent release Android devices.
According to the telco, Cash by Optus works like a Vida prepaid debit card. You load money into your Cash account, up to $500 at a time, and you can spend the money at all Visa PayWave terminals for purchases up to $100. The app also creates a virtual Visa card so you can shop with your money online, for purchase up to $250.
Incredibly, Optus customers will not be charged any extra for using the Cash app. There is no charge for the special Optus SIM card required to use the service, and no ongoing account management fees.
To sign up for Cash by Optus, you need a compatible phone and a postpaid Optus account. Existing customers need to apply for a new SIM card and will need to download the Cash by Optus app onto their phone. The app gives you access to your current balance and account history, plus it contains information to guide you through the process of connecting a bank account to the service so you can easily top up your account as needed.
At launch, Optus lists 23 compatible devices (PDF link), and is promising that more are on the way. These aren't just the latest and greatest handsets either, with a number of the supported smartphone dating back a year or two.
This is a fantastic idea, and a perfect introduction to mobile wallets, even for a country as familiar with contactless payments as Australia is. We feel that contactless payments are exceedingly safe, but at least with an app like this, you can limit the amount of money at risk, if you don’t feel the same way.
Joseph Hanlon
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