In pictures: Commonwealth Bank rolls out Kaching

iPhone app touted as providing real time banking using GPS

  • Kaching will be made available to Apple iPhone users with iOS4.3 in the coming months.

  • Kaching allows users to check and transfer money via BPAY, and if transfers are not collected within 14 days, they will be refunded.

  • General manager of credit cards and retail strategy, David Lindberg, said technology has reached a tipping point within the banking industry.

  • The combination of smartphones, near field communications, GPS technology and real time banking drove the bank to create Kaching, Lindberg said.

  • The Commonwealth Bank also announced that over 16 million logons were made to NetBank via a mobile device in the past year alone.

  • The Commonwealth Bank's chief marketing officer, Andy Lark, talks about why the bank's future is in mobile technologies.

  • The app comes with password encryption technology so that if a phone is lost or stolen, banking information remains secure.

  • The bank launched its iPad app eight weeks ago and today launched peer-to-peer banking app for the iPhone, Kaching.

  • Group executive enterprise services CIO, Michael Harte, said the launch was a great step toward in real time banking.

  • Plans are in the works to release an Android version in the coming months.

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