Australia’s largest bank, and its subsidiary BankWest have announced they will roll out the Apple Pay platform to all customers next month. Commonwealth Bank has made the move in response to its customers, who were frustrated by the absence of the Apple Pay. So what about other banks?
CBA’s Group Executive of Retail Banking services Angus Sullivan said it was a customer survey which swayed the bank.
“One of the things we heard repeatedly from our customers is that they want Apple Pay and we’re delighted to be making it available in January 2019,” he said in a media statement.
Apple Pay has been available in the Australian market for over three years. American Express was the first to sign on to the technology. ANZ was the first big bank to follow suit while Westpac and NAB are still refusing to adopt the platform.
Experts believe today’s move is likely to put pressure on the other two big banks yet to come on board.
RateCity research director Sally Tindall said that CBA had “removed a thorn in the side of its customers today”.
“The bank has finally closed the gaping hole in their payment platforms and caught up with their main competitor in this space, ANZ,” she said. “By not providing Apple Pay technology, CBA was jeopardising some of the bank’s existing customers, and potential new ones.”
There are currently three main mobile phone payment platforms in the Australian market: Apple Pay, Google Pay and Samsung Pay. Fitbit and Garmin also offer payment platforms for use on their wearable devices.
Popular providers and what they offer
For a full list of providers, click here.
|Company||Apple Pay||Google Pay||Samsung Pay|
|Bank of Melbourne||No||Yes||No|
|Bank of Queensland||No||No||Yes|
|Teachers Mutual Bank||Yes||Yes||Yes|
*Available from January 2019