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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.