Eftpos partners with ANZ and Apple Pay
ANZ customers can now use Apple Pay to make real-time eftpos purchases in store.
ANZ Bank is now the first institution in Australia to offer its customers contactless eftpos mobile payments. Through Apple Pay, ANZ customers can now use their smartphone to make real-time purchases at in-store contactless terminals.
Until now, tap and pay purchases were processed through the Visa or Mastercard credit card system. This was the case whether you were using a debit or credit card and it usually attracted higher fees. 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%.
This new alliance means that ANZ eftpos Access cardholders can use Apple Pay to make the purchase and it’ll be treated as an eftpos transaction in the same way it would if they had inserted their card into the machine and pressed savings. Not only will it be cheaper to process the payments, but it will also be faster thanks to real-time transactions. This means that you won’t have to worry about the inconvenience of pending transactions in your account when you tap and go.
ANZ customers with an iPhone or Apple Watch can also set their account preferences to either cheque or savings, meaning they won’t have to select their preferred account each time they pay. As with all Apple Pay transactions, your card numbers won’t be stored on your device or on the Apple services. Instead, a unique Device Account Number is assigned, encrypted and stored in the Secure Element on your smartphone or watch. When you make a transaction, it’s authorised with a one-time unique dynamic security code.
This partnership with eftpos is just another notch on ANZ’s belt and keeps it well ahead in the race for digital wallet dominance against CBA, NAB and Westpac. ANZ is still the only bank of the Big Four with access to Apple Pay as well as Android Pay, Samsung Pay and Fitbit Pay.
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Picture: Shutterstock and ANZ