Apple Pay boss says Aussie customers willing to dump banks who fail to support Apple Pay

“The global head of Apple Pay has put three of Australia’s big banks on notice that the technology giant’s global payments system will steal their customers and they risk being left behind in the development of digital wallets,” James Eyers reports for The Australian Financial Review. “”

“Jennifer Bailey said in an exclusive interview that Apple is so confident of the supremacy of its payments system that ‘customers will say they are happy to switch banks to use it,'” Eyers reports. “With ANZ Banking Group the only big four bank to allow its customers to use Apple Pay, The Australian Financial Review can reveal that Macquarie Bank and ING Direct will turn on the service by the end of February. They join 44 other small banks who have all agreed to use the system, pay Apple a fee and to not pass that on to their customers.”

“Ms Bailey accused the banks holding out on joining Apple Pay – Commonwealth Bank of Australia, National Australia Bank, Westpac Banking Corp and Bendigo and Adelaide Bank, who control two-thirds of Australian cardholders – of paying lip service to acting in the best interests of their customer,” Eyers reports. “And their application to the Australian Competition and Consumer Commission for permission to collectively negotiate to boost their bargaining power to take on Apple shows a naivety about how the platform works and Apple’s desire to work collaboratively with banks… Australians are using Apple Pay more frequently each month than any customers in other countries, Ms Bailey said.”

Much more in the full article here.

MacDailyNews Take: Banks should not have direct access to iPhone’s NFC chip. Protecting iOS users’ security is of paramount importance.

SEE ALSO:
Apple steps up battle with Australian banks over Apple Pay boycott motive – February 6, 2017
ACCC proposes to deny authorisation for banks to collectively bargain with and boycott Apple on Apple Pay – November 29, 2016
Australian banks dismiss Android NFC past in Apple Pay negotiations – November 14, 2016
Australian banks accuse Apple of anti-competitive behavior, want access to iPhone’s NFC chip to take on Apple Pay – July 28, 2016
ANZ welcomes Apple Pay in Australia with a funny new TV ad – May 5, 2016
Apple expands Apple Pay in Australia with ANZ bank deal – April 28, 2016
Aussie consumers lose as banks effectively boycott Apple Pay – November 27, 2015

18 Comments

  1. ANZ regularly promotes Apple Pay here both in print and tv adverts. It is promoted as the “epic way to pay” 🙂
    I’m not with ANZ. My bank does’t yet suppport Apple Pay.

  2. Just to show you how F’d up some merchants are, I go into Rite Aid to buy a VD card, terminal has the smartphone pay. Tried that, clerk says, didn’t work, even though the phone checked and dinged. OK, pulled out the chip card, inserted, asked credit or debit. Selected debit. Clerk said chip only works with credit (WTF did it ask me for then?) Says have to swipe to use debit. That was some fucked up shit. Not going back there again, ever.

  3. I am quite happy that ANZ is the only bank.
    Everytime I use my Apple Watch to make a payment I am seen as this wizard. Almost no one has seen this kind of thing. Makes me feel kind of special.
    All vendors accept Paywave so I never pull my wallet out.
    Don’t know why Apple doesn’t advertise this.

  4. Ah anustralian banks, what a bunch of tossers. I’ve had to deal with several of them bozos before settling in on what I thought was the best bank there and even that is a stretch.

    I remember a funny anecdote when I once tried to withdraw from the teller $1,000 because I was going to buy a new bike. Was I ever chastised. No way were they going to give me the money as I had not given several days notice. Plus they started dragging on my lifestyle, what the heck would I be doing with that much money in my pocket.

    Of course I took the crap with a smile, while they piled it on and on until I said with a smile that there was a very simple way to get that money by closing my bank account with them, NOW. She had seen the amount in my account and I just kept smiling as she back tracked and I got my money. I never did buy a bike with it though, not after the treatment I got in the bike shop, but that’s another story.

    Strangely enough after that incident I pretty well did not have much trouble with that bank anymore.

  5. In 2017 exactly what constitutes a bank?

    In the US idiom we have bloated legacy institutions that get imaginary money from the Federal Reserve for damn near free and then loan it out at usurious interest rates to customers. As recently as the 1970’s it was illegal to charge more than 10% interest on a loan in almost all states.
    These days most credit cards charge more than that to even good credit risks as soon as the teaser rate expires.

    In 2017 Banks do not issue most car loans, home mortgages and many other kinds of consumer credit. They charge ATM fees despite ATMs being cheaper to operate than tellers at a branch. They charge fees for everything short of room air and sunshine.

    If ever there were an industry crying out for disruption it is banking.

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