Commonwealth Bank is retiring its six-year old fleet of Albert point of sale terminals and will replace them with the new Smart payment terminal, which it claims is a big step forward.

CBA said the new terminal would incorporate an “app marketplace” featuring services designed for particular industries, such as health, hospitality and not-for-profit.

The marketplace concept fits in with the bank’s recent move to promote its retail and business banks as hubs for a variety of third-party service providers.

The bank has added dual SIM functionality (allowing for two different network providers), Wi-Fi, and broadband to ensure connectivity is maintained.

Later in the year the bank will add a mobile card reader that can pair with the business’s own device (phone or tablet) for chip and contactless payments.

CBA worked with Verifone to develop the terminal.