Major bank ANZ has come on board with the Samsung Pay digital wallet platform, making it the first of the big four banks to allow its debit and credit card customers the choice between it, Apple Pay and Android Pay.
ANZ said that giving customers the option to use any of these major mobile payment technologies or its own platform, ANZ goMoney, was about offering superior customer service by embracing digital technologies.
“Our customers have been asking for this and we have listened,” said ANZ Managing Director of Products, Bob Belan said.
“ANZ customers are now best placed to select which mobile payment service they want to use and with the addition of Samsung Pay we continue to offer the best range of the major banks in Australia.”
The other big banks are indeed lagging behind, especially when it comes to embracing the Apple Pay platform.
Westpac customers can use Android Pay, Samsung Pay or Tap and Pay through the Westpac app. Both NAB and CommBank offer Android users a smartphone payment platform through their branded apps, while iPhone users need to purchase a PayTag to attach to their phone.
The major banks have resisted joining Apple Pay, fighting instead to have their own apps made accessible on iPhones. A number of major banks - CBA, Westpac, NAB and Bendigo and Adelaide banks - wanted to collectively negotiate with Apple on this front, citing increased competition in digital wallets, and therefore choice for customers, as one of the main reasons.
But in March this year, the ACCC ruled against the banks, saying it was not satisfied that the benefits outweighed the detriments, which could “reduce or distort competition in a number of markets.”
In fact, ACCC Chairman Rod Sims said that technology like Apple Pay may even be better for customers than apps developed by the banks themselves, as they could increase switchability between credit card issuers.
“Apple Wallet and other multi-issuer digital wallets could increase competition between the banks by making it easier for consumers to switch between card providers and limiting any ‘lock in’ effect bank digital wallets may cause,” Sims said.
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