What is Kaching?
Launched by Australia’s Commonwealth Bank,Kachingis a set of mobile and Facebook appsthat lets customers make instant peer-to-peer transactions via SMS, email and Facebook.Kaching also allows customers to manage their accounts from their mobile phone or Facebook,and allows iPhone users to make contactless payments at MasterCard PayPass terminals.
Kaching has been recognized as aninnovative new product and has successfullyencouraged almost a million customersto adopt these new channels of banking.Forrester analyst Benjamin Ensorreported:
“In the 18 months since launch in October 2011, some 800,000 people have downloadedthe Kaching app (compared with the bank’s4.3 million active online banking users). Thosecustomers used Kaching to transfer or pay more than $1 billion in 11 months from October 2011 to September 2012.“Since then, Kaching users have transferredor paid a further $5.7 billion, for a total of $6.7 billion in transfers and payments in the first 18months.”
Kaching mobile: Pay anyone,anytime, anywhere.
To use Kaching, customers must first registerfor the bank’s NetBank service and thendownload theiPhoneorAndroidapp. Then,
they can sign in using their netbankingdetails and select an account from whichthey will make and receive P2P payments.