National Australia Bank is engaged in what I’d call predatory pricing for tap and go payment units. The deal sounds real sweet. For some it has less than half the cost of a current arrangement. It reminds me of the deals banks put to try and get people to switch credit cards and other accounts.
Under the surface, the deal is not so good. There are IT infrastructure costs which they neglect to tell you about. Also, they want you to use a platform which is cumbersome to establish and is, in my view, poorly supported.
There will be more tap and go options released next year which are more competitive and which do not have IT hurdles.