This week, we distill insights around Kaching - a set of mobile and Facebook apps that let Commonwealth Bank customers make peer-to-peer payments via SMS, email and Facebook. 100+ thinkers and planners within MSLGROUP share and discuss inspiring projects on social data, crowdsourcing, storytelling and citizenship on the MSLGROUP Insights Network. Every week, we pick up one project and do a deep dive into conversations around it -- on the MSLGROUP Insights Network itself but also on the broader social web -- to distill insights and foresights. We share these insights with you on our People’s Insights blog and compile the best insights from the network and the blog in the People’s Insights Quarterly Magazine, as a showcase of our capabilities. We have further synthesized the insights to provide foresights for business leaders and changemakers — in the ten-part People’s Insights annual report titled Now & Next: Ten Frontiers for the Future of Engagement, now available as a Kindle eBook. For more, see: http://peopleslab.mslgroup.com/future-of-engagement

1. crowdsourcing | storytelling | citizenship | social data
CommBank’s Kaching
People’s Insights Volume 2, Issue 25

2. Volume 2, Issue 25,
April - June, 2013
Future of
Money
CommBank’s Kaching
100+ thinkers and planners within
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of Engagement.
People’s Insights
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3. 3
What is Kaching?
Launched by Australia’s Commonwealth Bank, Kaching is a set of mobile and Facebook apps
that lets customers make instant peer-to-peer transactions via SMS, email and Facebook.
Kaching also allows customers to manage their accounts from their mobile phone or Facebook,
and allows iPhone users to make contactless payments at MasterCard PayPass terminals.
Source: commbank.com.au
Source: commbank.com.au
Kaching has been recognized as an
innovative new product and has successfully
encouraged almost a million customers
to adopt these new channels of banking.
Forrester analyst Benjamin Ensor reported:
“In the 18 months since launch in October
2011, some 800,000 people have downloaded
the Kaching app (compared with the bank’s
4.3 million active online banking users). Those
customers used Kaching to transfer or pay
more than $1 billion in 11 months from October
2011 to September 2012.
“Since then, Kaching users have transferred
or paid a further $5.7 billion, for a total of $6.7
billion in transfers and payments in the first 18
months.”
Kaching mobile: Pay anyone,
anytime, anywhere.
To use Kaching, customers must first register
for the bank’s NetBank service and then
download the iPhone or Android app. Then,
they can sign in using their netbanking
details and select an account from which
they will make and receive P2P payments.

4. Volume 2, Issue 25,
April - June, 2013
Future of
Money
CommBank’s Kaching
Source: The future of mobile payments
People use Kaching to send money to
anyone in their phone address book or in
their Facebook friends list (they can also
manually enter the phone number or email
ID of the person they want to send money to).
Blogger Ross Catanzariti explains how it
works:
“Kaching for Android allows Commonwealth
Bank customers to make peer-to-peer
payments (P2P) via mobile, e-mail and
Facebook. The app links to the phone’s address
book to enable mobile and e-mail payments,
and links directly to your Facebook ID to enable
payments via the social networking service.”
“The Kaching for Android app also enables
mobile, e-mail and Facebook payments to non
Commonwealth Bank customers by directing
these users to a secure, external site to collect
payments.”
P2P payments among Kaching users are
deposited directly into their accounts.
Non-Kaching users can use the collect
payment feature on CommBank’s website.
App reviewer Jenneth Orantia explains:
“Once you make a payment through the app,
the recipient gets notified via Facebook, email
or SMS. This is all well and good, but you’ll still
need to send them a unique payment number
separately – which Kaching generates – by
copying it to your smartphone’s clipboard,
and pasting it into a second message to that
person. Recipients then enter that payment
code, along with all their account details, into
the Kaching website to claim the money.”
Kaching aims to make payments extremely
easy and secure. For instance, people can opt
to create a 4 pin password instead of using
their netbanking password for each log in.
Renai LeMay reports on some of the app’s
security features:
“The app will be locked to only one smartphone
handset for security, users’ passwords will
be encrypted and no personal banking
information will be stored on customers’
phones. In addition, all funds which are not
retrieved through the system after 14 days will
be credited back to the original payer.”
John Kavanagh points out:
“And you don’t even need to know the payee’s
account details.”
People can also use Kaching as a typical
netbanking app, to check and manager their
bank account and cards. A new update to the
app allows people to pay off their bills online
using BPay.
Non-Kaching users can explore the mobile
app using this interactive demo, or watch the
introduction video below.
Kaching iPhone: Contactless
payment
Kaching for iPhone allows customers with
MasterCard PayPass enabled cards to make
contactless payments under $100 at PayPass
terminals across Australia. PayPass works on
NFC technology.
The Financial Brand provides an overview of
the PayPass penetration in Australia:
“This NFC (Near Field Communications)
payment system only works in those retailers
with MasterCard PayPass enabled terminals.
However, there are currently over 42,000
such readers installed across Australia, and
over seven million MasterCard PayPass cards
already in circulation. In August this year, the
number of Mastercard PayPass transactions
processed in Australia topped million for the
first time.”

5. 5
Source: commbank.com.au
Source: play.google.com
Source: play.google.com
Source: nfctimes.com
Blogger Alex Kidman noted:
“There is, as you’re no doubt aware, no
NFC chip within the iPhone; instead the
Commonwealth Bank will offer a specific NFC-
enabled iPhone case to its customers to make
the phone NFC capable.”
iPhone users will have to order an NFC-
enabled iCarte case for an additional $50 to
avail of this service.
PayPass contributes to Kaching’s goal of
making payments easy and secure. Gizmodo
reader Steve commented:
“Personally, paying with my phone doesn’t
really interest me when i can do the same thing
with my credit card these days but the idea
of being able to easily transfer cash without
having to exchange bank details sounds
excellent.”
PayPass is not available on Android devices,
much to the ire of Android users who claim
their phones are already NFC-enabled and
that they expect to be treated as ‘equals’ to
iPhone users.
(CommBank alleges that Google has not
approved Kaching’s NFC capability, and also
that 79% of the mobile usage comes from
iPhone devices implying the bank has more
customers that use iPhones.)
Kaching Facebook: promoting
peer-to-peer payments
People can access Kaching on Facebook, and
can manage their accounts and make peer
payments from within the social network. In
addition, Kaching for Facebook leverages
the social network’s unique features like
events, groups, public timelines and private
messages.
Source: facebook.com/commonwealthbank

6. Volume 2, Issue 25,
April - June, 2013
Future of
Money
CommBank’s Kaching
Source: blogs.forrester.com
Source: gizmodo.com.au and facebook.com/commonwealthbank
Source: facebook.com/commonwealthbank
Adam Bender explains the app’s features:
“The app lets users send payments to
Facebook friends as well as group and event
administrators on the social media site. Users
can also request payments from friends and
keep track of all their Kaching transaction
across Facebook and the mobile app.”
Chris Griffith reports:
“Customers can also post payment requests
for joint birthday presents and holidays on their
friends’ timeline or by private message.”
CommBank highlighted the ability to ‘request
payments’ using Kaching for Facebook in their
launch campaign with a fun campaign to “settle
the estimated $1.8 bn ‘mate debt’ in Australia.
SMS Verification and 100%
Security Guarantee
Many people – both Kaching users and non-
users – have found the concept of banking
on Facebook “terrifying.” To alleviate security
concerns, CommBank introduced an SMS
verification process similar to Kaching
mobile, and a 100% security guarantee for
fraudulent payments.
Blogger Jim Marous explains the SMS
verification:
“To address the common concern of security
and privacy, Commonwealth Bank will secure
transactions using a combination of a 4-digit
PIN code to log into the Facebook app in
conjunction with a six-digit confirmation pin
sent via SMS. The code is also used by the
payee to receive the payment.”
As per the website:
“Commonwealth Bank offers a 100 per
cent security guarantee on all transactions,
meaning it will cover any losses should
someone make an unauthorised transaction
via a customer’s Facebook account.”
“Keep it simple, stupid”
People have applauded CommBank’s efforts
to simplify the process of mobile payments
and attribute the adoption of Kaching to the
apps ease of use and multiple touch points.
Forrester analyst Benjamin Ensor noted:
“By enabling so many types of payment
through a mobile phone, Commonwealth
Bank is teaching its customers that if they want
to make a payment – in any situation – they
should use the Kaching app. In doing so, the
bank is successfully encouraging customers to
adopt mobile payment without the magic of a
single ‘must-have’ transaction.”
Here’s a comment from Android app user
Berlin Friswell:

7. 7
P2P payments growing in
popularity
Banking apps that simplify peer to peer
payments are increasing in popularity across
the world. For instance, in the UK, Barclays’s
P2P mobile app Pingit claimed 800,000
downloads and £10 million in transactions
in its first 100 days. In Australia, ANZ’s P2P
mobile app goMoney claims 1 million users.

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