Tag: Westpac

Apple’s mobile payments expansion is finding lackluster support from banks

Banks have relatively low interest in Apple Pay

Apple is running into trouble with the expansion of its mobile payments service, Apple Pay. The company has been trying to convince the world’s largest banks to support the service, but the banks have shown relatively little interest. Apple is looking to launch Apple Pay in China in the coming year, but financial institutions have yet to be dazzled by the mobile payments service. Banks in other countries are showing similar disinterest, as well, slowing the expansion of Apple Pay considerably.

Australian banks have yet to show any strong support for Apple’s mobile payments service

Last month, Apple did manage to launch its mobile payments service in Australia, with the aid of American Express. While Apple Pay has come to Australia, it has yet to acquire the support of the country’s four largest banks, ANZ, National Australia Bank, Commonwealth Bank, and Westpac. These banks represent an estimated 80% of consumers in the country that are already using mobile payments systems.

Banks have already established a foothold in the mobile payments market

Mobile Payments - Australia & Apple PayAustralian banks seem uninterested in Apple Pay because they have already done all the work to make mobile payments available in the country/ As such, some of these banks may see Apple as looking to come in and take advantage of a market that has already been established. Australian consumers have had access to a wide range of mobile payments services for some time, most of which have managed to acquire the support of the country’s banks.

Apple continues to face significant competition

Apple has overcome many challenges in the mobile payments space in the past, but without support from banks, Apple Pay may find relatively little traffic in promising markets. When Apple Pay launches in other countries, it will be facing significant competition from other companies that are involved in the mobile payments space, some of whom have already established a significant foothold in several markets. Considering the interest that iOS users have in mobile payments, however, Apple may be able to find success even if banks are relatively wary.

Augmented reality mobile banking app launched by Westpac New Zealand

This represents the first time that AR technology has been used for managing money in a smartphone application.

Westpac New Zealand has now announced the release of an original type of mobile banking app that allows customers to be able to manage their money through the use of augmented reality technology.

The application was made possible through an international crowdsourcing effort in the United Kingdom.

This crowdsourcing occurred through the Westpac Global App Challenge – UK. This augmented reality mobile app brought together a 3D technology with a simple platform that provided a new level of dimension to the user’s ability to manage money. Simon Pomeroy, the chief digital officer of Westpac New Zealand explained that the primary goal of the bank in creating the app was to make it easy to use for the average consumer.

The use of augmented reality is a unique one when it comes to this type of mobile banking experience.

Mr. Pomeroy explained that “Once the app is set up a customer only has to tap it open and hold their credit or debit card under the camera on their phone. They then have access to a number of features that use 3D to bring the information alive.” He also went on to add that the bank is devoted to simplifying the banking experience for its customers and that this is only one of a number of examples of the ways in which they are doing this.

He stated that “This is another example of how we are using customer data in a far more personalized and visual way allowing customers to better understand and get more out of their finances.” Using AR technology can make it possible for the bank’s customers to check on the amount that they have spent on their credit cards over the prior five weeks, as well as the due date of their credit card payments, their previous five purchases, and their Hotpoints loyalty card balance.

Westpac has also revealed that it is seeking to broaden its augmented reality capabilities so that it will be more convenient for customers to make mobile payments transactions when purchasing products and services.