ANZ and CUA link Android Pay with eftpos cards
ANZ now offers eftpos digital payments with Android Pay and Apple Pay.
This morning ANZ and CUA announced the launch of Android Pay for eftpos cardholders. For ANZ customers, eftpos and Android Pay functionality has been added to the ANZ eftpos Access card, while CUA customers can take advantage of the same technology with rediCARD accounts. This news also comes only a few weeks after ANZ announced that cardholders could use Apple Pay to make eftpos transactions.
This means that cardholders with both the bank and credit union can now make secure and quick payments with their smartphone. The new technology will also allow more flexible mobile payments, allowing cardholders to use their device to pay wherever eftpos contactless transactions are accepted.
Previously, other types of tap and pay credit and debit purchases were processed through Visa or Mastercard credit card systems. The RBA has reported that merchants pay a service fee of around 0.55% of the purchase amount to process contactless payments, but through eftpos this is reduced to 0.15%.
As these purchases will be treated as eftpos transactions, they will be processed in real-time. So you’ll no longer have to worry about the inconvenience of pending transactions in your account when you tap and go.
ANZ and CUA customers with an Android device can also set their account preferences to either cheque or savings, so you won’t have to select your preferred account each time you pay. As with credit card Android Pay transactions, your card details won’t be stored on your device or on the Android service. A unique Device Account number will be assigned, encrypted and stored in the Secure Element on your smartphone or watch. When you make a purchase, it’s authorised with a one-time unique dynamic security code.
This is another step in ANZ’s mission to lead the digital payments sector in Australia. It’s the only Big Four Bank that’s partnered with Apple Pay, Samsung Pay and Android Pay and is also the only Big Four Bank that offers both Apple Pay and Android Pay eftpos mobile payments. For CUA, the partnership will make it one of the first credit unions to allow eftpos mobile payments.
Want to compare what digital wallet options are available with your bank? Check out our guide to contactless payments for more information.