ANZ Adopts Samsung Pay Giving Customers Extra Choice

Post by Sharat on August 21, 2017 · Under banking · Comments Off on ANZ Adopts Samsung Pay Giving Customers Extra Choice 

Australian banking major ANZ has added Samsung Pay’s digital wallet platform which makes it the first of the big four lenders to allow its customers who hold debit or credit cards the option of choosing between Apple Pay and Android Pay. ANZ said it is allowing its customers to choose any of the major mobile payment technologies as well as its own platform ANZ goMoney. The bank said the decision was driven by a desire to offer customers superior services by embracing digital technologies.

The customer knows best

Bob Belan the lenders Managing Director of Products says the ANZ customers have been asking for this and the bank has listened. He adds that customers are in the best position to select which payment platform to use and with the addition of Samsung Pay, ANZ remains at the forefront of the major Australian banks.

Other major banks are behind the curve

The other major lenders are indeed lagging ANZ, especially when it comes to embracing the Apple Pay platform. Currently, Westpac customers can use Android Pay, Samsung Pay or Tap and Pay through the Westpac app.  NAB and Commonwealth Bank both allow their customers to make smartphone payments on the Android platform through their branded apps whilst iPhone users are forced to purchase a PayTag to attach to their device.

Resisting Apple

The big banks have sought to resist adopting Apple Pay and prefer to have their own apps mad available on the iOS platform. A number of major lenders want to collectively negotiate with Apple because they want to maintain competition in the digital wallet space and offer more choice to customers. However earlier in the year, the ACCC ruled against the coalition of lenders saying it was not satisfied that the benefits outweighed the negatives.

ACCC Chairman backs Apple Pay

ACCC Chairman Rod Sims went as far as saying that a technology such as Apple Pay may even be better for customers than native apps developed by the lenders themselves. This is because they could make it easier for customers to switch 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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