ANZ has become the country’s first bank to support Apple’s mobile payment service.
Apple Pay, Apple’s digital wallet service, has made its way to Australia, with ANZ bank being the first in the country to support the mobile payments solution. According to Reuters, Apple Pay in Australia will be extended to ANZ customers, who will be able to register credit cards on their iPhones to pay for goods and services by swiping or waving the devices over contactless payment terminals. Via the Apple Pay service, Apple charges card providers for transactions.
ANZ is confident that Apple Pay will be well received by their customers.
The deal with Apple was confirmed by the Australian bank on Thursday morning. In a statement, ANZ CEO Shayne Elliot said that the introduction of Apple’s digital wallet service is a major milestone in their strategy to utilize digital technology to offer their customers a superior experience “and will be a watershed moment in the adoption of mobile payments in Australia.”
Apparently, the demand for Apple Pay in Australia has been huge from ANZ customers. Elliott said that the bank is confident that the security, privacy and convenience of the service will be well received by their clients.
Elliott added that “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.”
Apple Pay in Australia will no doubt boost the country’s adoption of contactless payments.
Currently, over 60% of all card transactions in the nation are contactless, a far higher percentage compared to the United States.
However, digital technology, like Apple’s mobile transactions solution, is making progress in the financial industry. This has prompted traditional Australian banks like ANZ, Westpac, Commonwealth Bank of Australia, and National Australia Bank to improve their digital services.
In addition to launching Apple Pay in Australia, Apple has introduced the service to other countries where banks were reluctant to get on board, such as the United States and Britain. It has also launched its mobile payments service in China and, most recently, in Singapore.
In January of this year, rumors began to circulate concerning Apple’s intentions with mobile commerce. For the past few years, the company’s commerce efforts have largely been restricted to the digital space. Now, however, Apple has been looking into ways to make it possible for consumers to purchase physical goods using an iOS device and, potentially, and iTunes account. Apple executives are reportedly meeting with experts in the mobile commerce industry to further develop a concept for its approach to its mobile commerce efforts.