Those of you with an iPhone and Apple Watch have most likely heard of ApplePay. For the uninitiated, the technology allows users to store their credit or debit card details on their iPhone. The technology is similar to PayPass, however instead of a card, an iPhone is waved in front of an eftpos machine.
Currently Australian iPhone users are able to use this technology with cards linked to American Express and ANZ Bank. However this will be changing very soon.
More Australians will be able to use their banks’ credit cards on Apple Pay soon. Cuscal, one of Australia’s largest card issuers and network of rediATM cash machines, signed off a deal with Apple that adds Credit Union Australia, Police Bank, Bank Australia and dozens of other banks and credit unions to the payment app for iPhone and Apple Watch.
The full list of 31 different banks and credit unions is listed on Cuscal’s website with more to be added to in the future. Cuscal says it expects more of its banking partners to come on board in the near future.
Noticeably absent from the list are three of the big four banks. Commonwealth Bank, NAB and Westpac have banded together to request the ACCC for the ability to collectively bargain with Apple. The ACCC will decide whether or not to grant the banks collective bargaining power.
The big three want access to Apple’s NFC hardware. This would allow the banks to use the phone’s hardware to create their own apps with tap and pay technology. Apple’s tap and pay hardware is being used all over the world and has never shared any of its secrets with any other banks. The likelihood that the big three Australian banks will gain access to this technology seems unlikely at this time.
If you have any questions about how ApplePay may affect you or your business, please do not hesitate to get in touch. Dr. Neo is always happy to help.
