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Coles Launch M-Wallet, Attack Money Market

Coles Launch M-Wallet, Attack Money Market
Coles Launch M-Wallet, Attack Money Market The new Coles Financial Services JV today launched a free Coles Mobile Wallet, which lets consumers pay for items via a wave of a smartphone. 

The m-wallet allows customers to pay with their Coles MasterCard and activate flybuys rewards via mobile app. 

The credit/flybys hybrid wallet is supported by the MasterCard app for iPhone and Android devices. Attach the Coles Pay Tag to the back of a mobile and ‘Hold & Pay’ on PayPass terminals in Coles stores and scan the flybuys barcode to redeem points.
So, you can pay for groceries, use flybys, manage your account with 24 hours access to balance, credit and transaction history, all from an iPhone, Samsung, HTC or other Android. There’s a $100 cap on the “hold & pay” function.  
Coles Mobile Wallet is the first payment technology of its kind Down Under. The Mobile Wallet is protected by MasterCard’s Zero Liability and the Falcon fraud technology.
Richard Wormald, Coles General Manager of Financial Services says “it is exciting to launch the Coles Mobile Wallet which puts customers in control of their spending and introduces Australians to an entirely new way to pay.” 
“Now partnered with the new App, the Coles Mobile Wallet will provide functionality, a seamless user experience and instant rewards – unlike any other credit card in the market,” he said.      
Trials conducted last year revealed 75% of customers found the Coles Pay Tag more convenient than traditional credit cards.  
There’s a growing appetite of Australians for payment methods. One in two transactions below $100 are now made with contactless payment technology. 
More than 320,000 contactless terminals are available nationally, giving mobile wallet customers the opportunity to use the payment method at at oodles of retailers.
‘Logical next step’ 
Coles also announced its a joint venture financial services business with GE Capital Australia, called Coles Financial Services
This 50:50 joint venture will initially offer credit cards, and personal finance products like loans at Coles supermarkets – taking on the ‘Big 4’ banks. 
The joint venture will leverage Coles Mobile Wallet, and other new products to deliver innovative financial services to the market. The business will commence operations in 2015, subject to regulatory approvals.
Coles financial products will offer additional value and flybuys, including money off groceries. 
Rob Scott, Coles Finance Director, said “a joint venture is a logical next step for Coles to expand into financial services, building on the success of Coles No Annual Fee and Rewards credit cards.” 
The finance JV “will create innovation in the market with a strong growth potential,” he added.  
The existing 400,000 Coles MasterCard customer accounts will form part of the new finance venture, representing close to $800 million in credit card receivables.  
Coles Insurance products will be outside the scope of the JV. 
Since re-launching in 2012, Coles credit cards have received numerous awards, including Money Magazine Winner 2014 for both Best Rewards Credit Card for Non-Bank and Best Transaction Credit Card for Non-Bank.