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Apple’s deal with ANZ Bank to add another 5 million potential users to Apple Pay

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Following last week’s official Apple Pay support in the sixth country Singapore, Apple has just announced one of the largest Australian bank ANZ on Apple Pay mobile payment services. Apple signed a cooperation agreement, which means that Apple Pay could capture 5 million potential users of ANZ.

It is understood, ANZ is known as “leading Australian bank,” and also New Zealand and the South Pacific region’s leading banks which has 5 million users in Australia. From now, ANZ Visa debit cards, credit cards and American Express cards issued by ANZ will support Apple Pay.

The deal was made after Apple was ready to compromise and cut down the amount of fees it asked from US banks and ANZ decided to spend part of its exchange charges to Apple. Due to the confidentiality agreements enforced by Apple on ANZ, it stopped the bank from talking about the particulars of the deal.

Apple Pay allows iPhone and Apple smart watch users to use the device near any contactless payment terminals for payment. Bank card information on the phone is encrypted and authentication requires the user’s fingerprint which means they do not have to each and every time use their cards and thus payment for goods become an easy and secure task.

This deal has firmly cemented Apple’s position in the Australian market. Australia is a mature market with contactless payments and mobile payment has accounted for most of the trading day. Now, in Australia, 60% of bank card transactions are non-contact. This partnership will help Apple once again a foothold in the fast-growing Australian market.

Now, ANZ Bank Australia’s five million users will be able to use Apple Pay in the country’s more than 70% of payment terminals. However, not just Apple Pay is targeting the Australian market. Samsung has also confirmed that it will this year launch its own payment service ‘Samsung Pay’ in Australia. It also plans to expand its Samsung Pay to other countries such as Brazil, Canada, Singapore, Spain and the United Kingdom and other countries.

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