CBA customers to withdraw cash using smartphones; Export prices beat expectations; Shares down on open: Midday Roundup

Commonwealth Bank customers will be the first in Australia to be able to withdraw cash from ATMs using only their smartphones.

From May, customers will be able to use their Commonwealth Bank app on an Apple iOS or Android smartphone to withdraw up to $200 cash in one transaction per day. The plan follows the development of ‘Tap & Pay’ technology, and is designed to give customers access to cash when their card isn’t available.

Michael Harte, chief information officer at the Commonwealth Bank, said in a statement demand for contactless and mobile payments is on the rise.

“Mobility is not a trend,” he said. “It is increasingly our way of life. These new mobile offerings will improve our customers’ banking experience by placing information-rich, value-added services and additional security at their fingertips at the time they need our help.”

More than 2.3 million users have registered to use the revised CommBank app since its launch late last year.

Export prices lift in March quarter

The Import Price Index rose 3.6% in the March 2014 quarter, beating expectations of just a 1.5% lift, according to the Australian Bureau of Statistics.

Export prices in March were 7% higher compared to the previous corresponding period.

Meanwhile, import prices rose by 3.2% in the March 2014 quarter, 8.6% higher than the previous year.

Shares down on open

The S&P/ASX200 benchmark was down 26.1 points to 5462.6 at 11:42 AEST. Last night the Dow Jones closed up 0.27%, rising 45.47 points to 16,580.84.