Australia's Commonwealth Bank may be the case study American banks need when looking to launch a mobile payment product. The bank's CommBank Kaching app has been downloaded more than 110,000 times since its launch late last year. It is the second most popular free finance tool in the Australian App Store behind only CommBank's mobile banking app.

On the bank's blog, CommBank Chief Marketing Officer and Online Officer Andy Lark said the momentum behind the app has been overwhelming, especially considering the bank hasn't pushed it very hard.

Lark also said the bank did not predict the interest in app's integration with Facebook.

"While mobile to mobile payments have proved to be the most popular transfer method (85 percent), what’s been surprising is the popularity of Facebook payments, which are growing rapidly," Lark said. "Facebook is the second most popular transfer method with customers, accounting for more than 10 percent of Kaching transfers." 

Lark said the bank knew Facebook would be an important feature but its popularity is an interesting growth area and indicates a distinct shift toward how Australians are seeking out new ways of making payments. 

"It certainly broadens the mobile channels available and shows just how important it is to keep technology evolving for customers," Lark said. 

Launched in October 2011, Commbank Kaching is the first mobile contactless payment program in Australia. It also includes peer-to-peer (P2P) payments using email addresses or mobile phone number, bill payment and transfer services as as well as a "social payments" feature that uses Facebook accounts to send and receive funds.

For more on this story, visit the Money Transfer/P2P research center.