ANZ BREAKS BANK STANDOFF WITH APPLE PAY

ANZ BREAKS BANK STANDOFF WITH APPLE PAY

ANZ has become the first bank in Australia to offer Apple Pay to its customers after striking a deal with the tech giant.

The major banks have previously shunned Apple's technology to deliver their own cardless systems and avoid paying transaction fees.

Up until now, only American Express customers have been able to use Apple Pay - despite being introduced to Australia last year.

The system allows users to register an ANZ Visa debit or credit card or ANZ American Express card to their Wallet on iPhone or Apple Watch. Using the device, purchases can be made wherever contactless payments are accepted.

ANZ CEO Shayne Elliot says the bank is proud to be the first in the country to offer the service to its five million customers.

"The introduction of Apple Pay is a significant milestone in our strategy to use digital technology to provide our customers with a superior experience and will be a watershed moment in the adoption of mobile payments in Australia," Elliot says.

"With the high adoption rates of contactless payments in Australia, our customers will be world leaders in their ability to use their mobiles to make the vast bulk of essential payments."

More than 60 per cent of all card transactions in Australia are now contactless and accepted across in excess of 70 per cent of contactless merchant payment terminals.

Apple Pay doesn't store card numbers on the device, instead a unique Device Account Number is created and saved in the Secure Element which is not backed up to iCloud.

Apple also doesn't collect purchase history, so any transaction information is kept between the user, the merchant and the bank.

Online shopping in apps accepting Apple Pay uses Touch ID to bypass continually entering shipping and billing information.

 

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Facing the latest impacts of cyber-crime: cyber insurance premiums increase for businesses
Partner Content
As Australian businesses are forced to adapt to a new normal yet again, a different typ...
Aon
Advertisement

Related Stories

City of Melbourne to consider introducing vaccine passport

City of Melbourne to consider introducing vaccine passport

City of Melbourne councillors will vote next week on the introducti...

Wesfarmers ups API takeover bid to $764m, to conduct due diligence

Wesfarmers ups API takeover bid to $764m, to conduct due diligence

Just under two months after rejecting a takeover bid from Wesfarmer...

Myer roars back with $46m profit as online sales continue to surge

Myer roars back with $46m profit as online sales continue to surge

Department store group Myer Holdings has defied ongoing business di...

Hotel Property Investments and Good Drinks Australia pick up pub assets

Hotel Property Investments and Good Drinks Australia pick up pub assets

Two ASX-listed companies have picked up pubs this week, with Hotel ...