The Smart payment solution features a stand-alone terminal that can run on mobile internet and features-tailored apps for businesses.
At the time of writing, the CBA share price is $104.88, 0.95% higher than its previous close.
Let’s take a closer look at CBA’s ‘smart’ new payment system.
CBA launches new payments terminal
The CBA share price is rising after the bank announced its business customers can get their hands on its Smart terminal from Monday.
The terminal will replace the bank’s Albert terminals. The bank states it will be particularly useful for hospitality, retail, and healthcare businesses.
Additionally, before the end of this year, CBA will be launching a lightweight, pocket-sized card reader. The aptly named Smart Mini Pay can pair with a business’s own device to take chip and contactless payments.
Together, the bank’s Smart terminals offer many of the same features as Square Inc‘s (NYSE: SQ) popular portable terminals.
CBA also launched into the buy now, pay later arena in August. The bank’s StepPay offering launched ahead of Square’s acquisition of Afterpay Ltd (ASX: APT).
CBA’s Smart terminal also offers dual-sim functionality and an ‘App Marketplace’ personalised to individual businesses like a “donations app” or “health claiming app”.
It also allows users to split payments, add surcharges, email receipts, and can help keep track of inventories.
CBA group executive of business banking Mike Vacy-Lyle commented on the Smart terminal:
Using the latest technology and customer feedback, we’re making payment solutions that are more intuitive, customisable and secure…
This means businesses can spend more time serving their customers and focusing on what matters most to them in their business.
CBA share price snapshot
The CBA share price hasn’t gone far this month, gaining just 0.3% since the end of September.
However, it is 25% higher than it was at the start of 2021. It has also gained 51% since this time last year.