CommBank launches mobile payment solution for merchants, Smart Mini, as entrepreneurial Australians fuel demand for mobile payment solutions.
Research released today by the Commonwealth Bank of Australia (CBA) shows one in three Australians have started a small business or ‘side hustle’ since the start of the COVID-19 pandemic or plan to start one in the next 12 months.
Of those surveyed, 9% of these entrepreneurs started a business between March 2020 and January 2022, while almost twice as many (16%) have started trading in the past 12 months, highlighting sustained entrepreneurial activity among Australians since the Covid pandemic.
The findings coincide with the launch of a new CBA portable payments device, Smart Mini, to cater to the growing need for portable payment devices amongst small businesses that need to take payments on the go, such as tradies, gardeners and market stall operators.
Commonwealth Bank’s General Manager of Merchant Solutions, Karen Last, said Smart Mini is available to all merchants regardless of whether they are currently CBA customers: “The launch of Smart Mini expands CBA’s range of payment solutions designed specifically for industries as diverse as retail and hospitality, and for a wide range of businesses, including micro and sole traders.
“Compatible with both Apple and AndroidTM devices, it can be connected to CBA’s Smart Mini Hub, a self-servicing portal, allowing business owners to access a range of features and near real-time transaction insights relating to their business, enabling them to manage their cash flow better.
“With our survey highlighting widespread concern around the speed of settlement and security of mobile payments, we think CBA’s same-day settlement of payments and our robust anti-fraud technology will be significant attractions for Smart Mini customers.”
For further details on the Smart Mini, visit: commbank.com.au/smart-mini