ANZ is the first Australian bank to switch on Appl...

ANZ is the first Australian bank to switch on Apple Pay


ANZ has become the first bank to support Apple Pay meaning those with an ANZ Visa card can make payments using their iPhone. Users will be able to register their cards and use their iPhones or Apple Watches to pays for goods on payment terminals that support tap and pay. They’ll also be able to use the Touch ID fingerprint authentication sensor to pay for purchases online. Apple Pay have been live in Australia for the past five months but only been available for American Express card holders. Apple apparently charges transaction fees of around $0.15c of the $0.83 interchange fees banks get for every $100 worth of transactions processed on customer Visa or Mastercards in the US but ANZ hasn’t revealed their arrangement for fees.

ANZ Apple Pay

Image Credit ANZ

The deal was confirmed Thursday morning and ANZ CEO Shayne Elliott said, “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.” This is a huge step for ANZ with more than 60 per cent of all card transactions in Australia now contactless.

Just yesterday we reported on Apple’s historic drop in iPhone sales so it’s important for the company to continuously provide more for their customers. Vice president of Apple Pay, Jennifer Bailey said in an interviews that “customers… are much closer to being able to leave their wallets at home.”

Jess is the lead news editor for Australia Business. When she's not writing and reading about business, she's probably endlessly scrolling through Instagram or downloading apps she may or may not need.