ANZ leads in digital payments

  • By Elizabeth Fry
Mobile payment

In a move that firmly cements ANZ’s position as the Australia’s leader in digital payments among the majors, the bank on Tuesday announced the launch of Android Pay for eftpos cardholders.

As of now, ANZ’s customers have access to mobile payments regardless of their choice of smartphone, credit or debit card.

This news comes just a few weeks after ANZ announced that its eftpos cards will now work with ApplePay.

Commenting on the new mobile payment option, ANZ’s head of products, Bob Belan said: “ANZ customers now have access to a complete suite of digital payment options regardless of which card or device they use.

“We’re committed to maintaining leadership  in offering customers new, simple and convenient payment experiences so we’re pleased to provide our eftpos cardholders the option to now make purchases with their Android mobile device.”

Credit Unions go with Google

Mobile "tap and pay" is also rolling out on Android Pay for eight Cuscal-sponsored credit unions - including CUA and People’s Choice.

ANZ's latest push into digital payments follows a recent announcement by Commonwealth Bank, Westpac and National Australia Bank that they are collaborating to launch Beem, a mobile payments platform that can also be used with eftpos cards.

Unlike other cards that process mobile payments as credit transactions, Eftpos acting chief executive, Paul Jennings, said eftpos on Android Pay will provide customers with secure access to their own money in real-time, reducing the likelihood of being surcharged.

Previously, other types of tap and pay credit and debit purchases were processed through Visa or Mastercard credit card systems.

As with Android Pay and Apple Pay credit card transactions, customer card details are neither stored on the smartphone or within the tech giants’ ecosystems.

Taking on the card schemes

According to Jennings, the Android Pay service uses a tokenised system, adding an extra layer of security and convenience for customers. 

"The unique digital identifier used in tokenisation allows eftpos customers to disable mobile payments if they lose, or have their mobile phone stolen without cancelling the card itself," he said.

Jennings also said the move sets ANZ eftpos up as a genuine competitor against Visa and Mastercard in the retail payments market as Australians turn to the convenience of mobile “tap and go”.

ANZ is the only big four lender to partner with Apple Pay, Samsung Pay and Android Pay and is also the only banking major that offers both Apple Pay and Android Pay eftpos mobile payments.