ANZ BREAKS BANK STANDOFF WITH APPLE PAY
Written on the 28 April 2016
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.