Millions of Aussies face surprise payment rule shake‑up—are you ready?
- Replies 1
Many Australians are about to receive a major update regarding online payments, and it could make everyday transactions much smoother and more secure.
Two of the country’s biggest banks are introducing a new system that promises to change the online checkout experience for shoppers nationwide.
But what exactly does this involve, and should you be excited or cautious? Here's what you need to know.
If you’ve ever fumbled around for your wallet, squinting at your card to type in those 16 digits, expiry date, and CVC code—only to get it wrong and have to start again—you’re not alone.
Not only is it a hassle, but it also leaves your details vulnerable if the website you’re shopping on gets hacked.
In fact, Aussies lost a staggering $2.1 billion to card fraud in the last financial year alone!
Enter Click to Pay. This new system lets you pay online without having to enter your card details manually every time.
Instead, your card information is securely 'tokenised'—meaning it’s replaced with a unique digital code for each transaction.
Your actual card number never gets shared with the retailer, making it much harder for hackers to get their hands on your details.
When you’re shopping online and see the Click to Pay icon, you’ll be able to select it at checkout.
You’ll then receive a one-time code or passcode to confirm your purchase—no more typing out your card number or worrying about where your details are going.
Westpac will be the first Australian bank to automatically enable Click to Pay for customers from 18 July, with Commonwealth Bank following in August.
And don’t worry—if you prefer the old way, you can still enter your card details manually if you wish.
According to Monica Wegner, CBA’s Executive General Manager of Everyday Banking, about 90 per cent of CommBank customers already use their cards for online shopping.
The move to Click to Pay is all about making things easier and safer.
'Our transaction data shows that card fraud rates are six times less when transactions use authenticated tokens like Click to Pay, rather than entering those details manually,' she said.
Westpac’s Duncan Woods echoed this, saying the new system is 'fast, simple and secure. ' Your card details are safely stored in Mastercard’s bank-specific directory, not with the merchant.
Here’s where things get even more interesting. Both banks are considering rolling out 'numberless' debit and credit cards in the future.
Instead of having your card number printed on the card, you’d generate a unique number in your banking app whenever you need it.
This means that if a retailer is hacked, the stolen number is useless to criminals. You can even set controls, like limiting the card to a specific retailer or time period.
AMP has already introduced numerous cards for some customers, and Mastercard’s Richard Wormald expects CBA and Westpac could follow suit in the next year or two.
Visa, NAB, and ANZ are also exploring similar technology.
But wait, there’s more! Westpac is also working on introducing biometric authentication—think fingerprint or facial recognition—at checkout, making things even more secure and convenient.
It’s all part of a broader push by banks and card companies to stay one step ahead of scammers and make online shopping as safe as possible.
Shopping online is about to get a whole lot easier. You won’t need to enter your card details every time, making the checkout process quicker, perfect for snapping up concert tickets or limited-time deals.
It’s also more secure, with your card information kept private and a unique code used for each transaction. And if you prefer the old way of paying, you’ll still have that option too.
The rollout begins with Westpac on 18 July, followed by CBA in August. Click to Pay will work with both debit and credit cards, and you’ll spot the icon at participating online retailers.
If you’re unsure about how it all works, your bank will provide support and information to help you.
And as always, if you have any questions or concerns about your bank’s new payment options, don’t hesitate to reach out to your local branch or customer service team. Staying informed is the best way to keep your money safe in the digital age.
Are you excited about this new way to pay, or do you prefer sticking to the tried-and-true methods? Have you ever been a victim of card fraud, or do you have tips for staying safe online? We’d love to hear your thoughts and experiences—share them in the comments below.
Read more: Australian bank introduces latest security measure against credit card scams
Two of the country’s biggest banks are introducing a new system that promises to change the online checkout experience for shoppers nationwide.
But what exactly does this involve, and should you be excited or cautious? Here's what you need to know.
If you’ve ever fumbled around for your wallet, squinting at your card to type in those 16 digits, expiry date, and CVC code—only to get it wrong and have to start again—you’re not alone.
Not only is it a hassle, but it also leaves your details vulnerable if the website you’re shopping on gets hacked.
In fact, Aussies lost a staggering $2.1 billion to card fraud in the last financial year alone!
Click to Pay by Mastercard was introduced by Westpac and CommBank, allowing Aussies to pay online without entering card details. Credit: CraigRJD / iStock
Enter Click to Pay. This new system lets you pay online without having to enter your card details manually every time.
Instead, your card information is securely 'tokenised'—meaning it’s replaced with a unique digital code for each transaction.
Your actual card number never gets shared with the retailer, making it much harder for hackers to get their hands on your details.
When you’re shopping online and see the Click to Pay icon, you’ll be able to select it at checkout.
You’ll then receive a one-time code or passcode to confirm your purchase—no more typing out your card number or worrying about where your details are going.
Westpac will be the first Australian bank to automatically enable Click to Pay for customers from 18 July, with Commonwealth Bank following in August.
And don’t worry—if you prefer the old way, you can still enter your card details manually if you wish.
According to Monica Wegner, CBA’s Executive General Manager of Everyday Banking, about 90 per cent of CommBank customers already use their cards for online shopping.
The move to Click to Pay is all about making things easier and safer.
'Our transaction data shows that card fraud rates are six times less when transactions use authenticated tokens like Click to Pay, rather than entering those details manually,' she said.
Here’s where things get even more interesting. Both banks are considering rolling out 'numberless' debit and credit cards in the future.
Instead of having your card number printed on the card, you’d generate a unique number in your banking app whenever you need it.
This means that if a retailer is hacked, the stolen number is useless to criminals. You can even set controls, like limiting the card to a specific retailer or time period.
AMP has already introduced numerous cards for some customers, and Mastercard’s Richard Wormald expects CBA and Westpac could follow suit in the next year or two.
Visa, NAB, and ANZ are also exploring similar technology.
It’s all part of a broader push by banks and card companies to stay one step ahead of scammers and make online shopping as safe as possible.
Shopping online is about to get a whole lot easier. You won’t need to enter your card details every time, making the checkout process quicker, perfect for snapping up concert tickets or limited-time deals.
It’s also more secure, with your card information kept private and a unique code used for each transaction. And if you prefer the old way of paying, you’ll still have that option too.
The rollout begins with Westpac on 18 July, followed by CBA in August. Click to Pay will work with both debit and credit cards, and you’ll spot the icon at participating online retailers.
And as always, if you have any questions or concerns about your bank’s new payment options, don’t hesitate to reach out to your local branch or customer service team. Staying informed is the best way to keep your money safe in the digital age.
Read more: Australian bank introduces latest security measure against credit card scams
.png){kind=icon}
