Apple Pay has expanded to support Eftpos cards from ANZ Bank in Australia. Eftpos (Electronic fund transfer at point of sales) is a popular debit payments network in Australia. The partnership will bring in-store Apple Pay support to 1.6 million ANZ Access cardholders, according to Eftpos.
Apple’s partnership with Eftpos should get more people to use Apple Pay as Eftpos is the most used debit card network in Australia, and offers a much lower processing fee to retailers as well as customers.
High fees have been one of the biggest hindrances for Apple Pay in Australia, but with today’s move things are starting to get better. When a debit card is used via Apple Pay in Australia, there’s about 0.55 percent fee to the merchant; however, Eftpos drops it significantly to 0.15 percent. (Thanks, Business Insider!)
“About 1.6 million ANZ eftpos Access cardholders now have the opportunity to make payments on an iPhone or Apple Watch, many of whom may not have had the opportunity to make in store mobile payments before,” said Eftpos acting CEO Paul Jennings.
“As Australia’s most used debit card network, we are thrilled to be providing ANZ eftpos Access customers with more payment choice, with added benefits of enhanced security and comfort.”
Eftpos ANZ users can switch between a Cheque and Savings account with ease. More details can be found on the Eftpos website. And yes, Apple has also updated its Australian version of Apple Pay website to reflect the Eftpos partnership.