Cook declined to put a figure on actual transactions volumes, probably with good reason, as CFO Luca Maestri confirmed during the same call that Apple isn’t seeing any meaningful revenue impact from Apple Pay yet, although it may in the future.
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ANZ has become the first of Australia’s big four banks to sign up to Apple Pay, which lets customers use their mobiles as credit cards. MasterCard, Access and Corporate cards are not supported.
We knew it was coming, but today ANZ has officially switched on Apple Pay to its 5 million customers around the country. ANZ may send a verification code via SMS before Apple Pay is enabled. Apple’s CEO Tim Cook noted that Apple Pay was growing at a tremendous rate, with 5 times more transaction value than previous year and one million users signing on each week.
By using the Touch ID fingerprint authentication sensor on iPhone 6 and newer smartphones, iPad Air 2, mini 3 and iPad Pros, customers can pay for online purchases in apps as well using the Apple Pay tool. Bank-issued AmEx cards weren’t eligible.
But in China Apple has been forced to charge banks half the fees levied on their United States counterparts, while in Australia and Canada the feature has only been available to American Express cardholders as banks shun it in favour of their own offerings.
From today, any ANZ customer with a Visa debit or credit card or ANZ branded American Express credit card will be able make payments with their iPhone using Apple Pay.
Google is planning to launch its similar Android Pay service in Australia this year.
Digital technology such as Apple Pay is making inroads in the financial industry, prompting traditional banks such as Commonwealth Bank of Australia, Westpac Banking Corp, National Australia Bank Ltd and Australia and New Zealand Banking Group Ltd (ANZ) to beef up digital services.
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But somehow ANZ Bank and Apple have found a way around that stumbling block.
