Apple Pay Customers Willing To Switch Bank To Use The Mobile Payment Service

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Apple Pay seems to be finding favor with users and is receiving good reviews from customers.

Users of the mobile wallet payment system think that it is valuable enough to get them to swap banks just so that they can use Apple Pay, which was first introduced in the iPhone 6 in 2014.

Apple Pay’s VP Jennifer Bailey is of the belief that the mobile payment service is prized by users, which is evidenced by the fact that “customers will say they are happy to switch banks to use it.”

The Apple Pay VP also revealed that customers in Australia are using the service more often when compared to people in other countries. This according to Bailey is largely because the country is “a recognized global leader in contactless payments and usage.”

Currently, Apple Pay is accepted by nearly 3500 banks around the world in 13 countries.

Apple Pay: Australian Success Story

Apple has partnered with a handful of banks in Australia. Some of the Australian banks supporting the app for contactless payments and transactions are Australian Unity, Catalyst Money, Customs Bank, The Rock, Horizon Credit Union and more.

The Cupertino-based company has also affirmed that both Macquarie Bank and ING Direct are set to offer support for Apple Pay as well by February end. The two banks are shown as “coming soon” on the company’s Apple Pay website for Australia.

The Apple Pay website also lists P&N Bank, ANZ, Beyond Bank, Bank Australia and other participating banks.

Apple is reportedly also planning to digitize the entire physical wallet. The move would benefit users as payment cards, loyalty cards and transit cards would all be included. The identity cards may also be included in the digital wallet.

The purchases and overall transactions on Apple Pay, numbering hundreds of millions and billions of dollars, have increased over 500 percent in the December quarter as shared by CEO Tim Cook.

Apple Pay Facing Hurdles

The comments from Bailey seem to target three major banks in Australia that have not come on board. These are NAB, Westpac and Commonwealth Bank.

These three banks, as well as Adelaide Bank and Bendigo, want to access the NFC chips on the iPhone and have appealed to the ACCC. These banks basically do not want to use Apple Pay, but want their own mobile payment system to be deployed.



These banks haven’t understood the benefits of the app yet, but Apple is optimistic that they will come around.

“While initially, in many markets, there have been banks that have initially been wary about working with a company as large as Apple, once they begin to work with us and understand the Apple Pay platform, they see the benefits of it,” said Bailey.

Photo: Andrew | Flickr 

 

 

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