Last week ANZ announced a deal that will allow its Australian customers access to Apple Pay.
This is a first for any one of the country’s ‘big four’ banks.
The platform works by allowing the user to load/register their credit card details – say their Visa account – onto a mobile device like an iPhone.
Once done, such devices – including the Apple watch – can be used to ‘swipe and pay’ at sales points that use contactless payment terminals.
Apple Pay can be ‘adapted’ into other platforms like Uber – that is – users can hail a ride using the platform without actually having an account.
In announcing the new service, which is now available, ANZ’s Chief Executive Officer, Shayne Elliott said that this was a significant milestone in the bank’s ongoing ambitions to innovate within the financial services space.
“[This is part of] our strategy to use digital technology to provide our customers with a superior experience,” he said.
“[It] will be a watershed moment in the adoption of mobile payments in Australia.”
Elliott told media that he was proud “we’re the first major Australian bank to offer Apple Pay and we are confident the convenience, security and privacy will be well received by our customers.”
The move could be seen as further proof of growing customer confidence in contactless payments – which according to one estimate accounts for as much as 60% of all card payments made in Australia.
Apple Chief Executive Officer Tim Cook announced that Apple Pay gains 1 million customers a month at this week’s earnings call.
He added that transactions are five times what they were a year ago.
Widely available in territories like the US, the UK, and China, Apple Pay is limited to American Express cardholders in Canada and Singapore. Hong Kong and Spain will soon follow.
The platform has two major rivals already in the Australian sector: Samsung Pay (with American Express) and Google’s Android Pay, which will be launched here later in the year with Westpac and ANZ.
Jennifer Bailey, Apple Pay vice president, said the organisation is in talks with ANZ’s peers – Commonwealth Bank, Westpac and the NAB about introducing the platform to their customers here.