ANZ first to offer contactless eftpos payments in Australia thanks to Apple Pay
Electronic payment and money transfer network eftpos on Tuesday announced contactless payments, or tap to pay, compatibility with Apple Pay through cards issued by Australia and New Zealand banking group (ANZ), allowing customers the option of paying for items with their checking and savings accounts.
The new integration allows users with ANZ eftpos Access cards to pay directly from their banking account, while avoiding high Visa and Mastercard transaction fees.
Widely accepted in Australia, eftpos is a contactless payments system that ties directly into a cardholder's account, identical to competing credit and debit card solutions, reports Business Insider. Unlike Visa and Mastercard processors that charge an estimated 0.55 percent of the transaction value to a customer's bank, eftpos fees can be as low as 0.15 percent.
Further, the option lets users to draw from their provisioned checking or savings accounts at checkout. The same functionality carries over to Apple Pay, complete with real-time transaction tracking.
"Today marks a significant milestone for EFTPOS as we move from our traditional card-based payment method into mobile, enabling consumers with an iPhone or Apple Watch to choose the EFTPOS account they wish their mobile payment to be made from, being either their [cheque or savings] account," said Paul Jennings, acting CEO at EFTPOS.
About 1.6 million ANZ customers will be able to take advantage of the new integration, according to the bank's products managing director Bob Belan.
ANZ was Apple's first major partner in Australia and is the only "big four" bank to offer Apple Pay support.
In a bid to protect valuable credit card transaction fees, Commonwealth Bank, National Australia Bank and Westpac sought regulatory approval to collectively negotiate with Apple and other contactless payment providers. Those plans included provisions to boycott services like Apple Pay if certain terms were not met, one of which involved accessing Apple's NFC technology.
The banks' gambit fell flat when the Australian Competition and Consumer Commission denied the authorization to collectively negotiate in March.
The new integration allows users with ANZ eftpos Access cards to pay directly from their banking account, while avoiding high Visa and Mastercard transaction fees.
Widely accepted in Australia, eftpos is a contactless payments system that ties directly into a cardholder's account, identical to competing credit and debit card solutions, reports Business Insider. Unlike Visa and Mastercard processors that charge an estimated 0.55 percent of the transaction value to a customer's bank, eftpos fees can be as low as 0.15 percent.
Further, the option lets users to draw from their provisioned checking or savings accounts at checkout. The same functionality carries over to Apple Pay, complete with real-time transaction tracking.
"Today marks a significant milestone for EFTPOS as we move from our traditional card-based payment method into mobile, enabling consumers with an iPhone or Apple Watch to choose the EFTPOS account they wish their mobile payment to be made from, being either their [cheque or savings] account," said Paul Jennings, acting CEO at EFTPOS.
About 1.6 million ANZ customers will be able to take advantage of the new integration, according to the bank's products managing director Bob Belan.
ANZ was Apple's first major partner in Australia and is the only "big four" bank to offer Apple Pay support.
In a bid to protect valuable credit card transaction fees, Commonwealth Bank, National Australia Bank and Westpac sought regulatory approval to collectively negotiate with Apple and other contactless payment providers. Those plans included provisions to boycott services like Apple Pay if certain terms were not met, one of which involved accessing Apple's NFC technology.
The banks' gambit fell flat when the Australian Competition and Consumer Commission denied the authorization to collectively negotiate in March.
Comments
I'd definitely never go third party repairs after my recent experience. Bought an SE everything working fine screen looked fine but when I compared it to my iPod it was dull with a green tint, Apple couldn't tell with diagnostics but when they opened it up for a warranty repair they told me it had a 3rd party screen replacement. I got my money back and bought another one that was a genuine one owner. So the screen worked OK and everything else worked ok but it was simply a crap screen. Not worth 3rd party bollox.
This article is trying to say that, until now, you could only use AMEX, VISA and M/C cards for Apple Pay (depending on your bank). Now you don’t even need a Visa Debit card, your card can be an ‘eftpos’ Debit card that accesses your Savings or Cheque account.
Loyal westpac customer for 32 years, but balking at ApplePay did it for me
Have ANZ got cardless withdrawals yet? The main thing that has me sticking with Westpac at the moment is that I can use the App to get a code to withdraw cash from an ATM without my card. It's a handy feature, especially if you think there might be someone sticking skimmers in the local ATMs.
I keep hoping that the big 3 will come to their senses and stop pushing for their own wallets on iOS. It can only be for their own nefarious purposes rather than any concerns about users or security.
The EFTPOS thing isn't that big of a deal though. Most businesses will charge the same flat 1.5-2% surcharge if you pay electronically, regardless of which kind of card you pay with.
A couple of small businesses I use have added a surcharge recently. It's infuriating to have to hold cash and then deal with the coins just to avoid paying the surcharge.
I have my home loan with another bank but still swapped to ANZ for everyday banking. Just have enough of my pay go to the home loan bank to ensure I meet the requirements for my interest rate deductions. The convenience and security of Apple Pay more than makes up for working with two banks. And ANZ don't charge me any account fees so I'm not financially out of pocket at all.