CBA's Lock and Limit gets 40k enrolments

CBA's Lock and Limit gets 40k enrolments

Service allows credit card users to lock and unlock transaction types

The Commonwealth Bank of Australia (ASX: CBA) has announced 40,000 enrolments for its Lock and Limit service that allows credit card users to lock and unlock certain transactions on their card.

The service, which can be used via the CommBank app, also sets a limit per transaction to control spending.

According to Angus Sullivan, executive general manager, cards, payments, analytics and strategy at CBA, Lock and Limit is a "substantial shift" in how credit cards work in Australia. He said that historically, managing fraud and controlling spending on these cards has been a very reactive process.

The service was launched in May 2014.

The bank also released numbers for its Cardless Cash service, which was also launched in May.

Cardless Cash allows 2.3 million registered CommBank app users to withdraw up to $200 once a day using their smartphone.

According to CBA, there have been 140,000 withdrawals to date using the service. It can be accessed from 3,300 ATMs around Australia.

Turning to contactless mobile payments, the bank said there had been $1 million in transactions made with its Tap & Pay system which uses Near Field Communication (NFC).

CBA's net profit after tax (NPAT) for the year ended 30 June 2014 was $8,631 million, a 13 per cent increase on 2013.

Cash NPAT was $8,680 million as of 30 June 2014, a 12 per cent rise on the same period last year.

In June, CBA announced that it had appointed David Whiteing as its new CIO.

Whiteing started as group executive, enterprise services and CIO on 14 July 2014.

He replaced former CIO Michael Harte who quit in May and is set to join Barclays Bank in London as its chief operations and technology officer later this year.

Whiteing joined CBA in September 2013 to lead the enterprise services architecture and planning team.

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Tags credit cardsCommonwealth Bank of AustraliaASX:CBACardless Cash

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