Would you switch banks to enable Apple Pay on your iPhone? Apple Pay is the new way to shop and pay for goods and services by tapping your iPhone on a PayWave or PayPass reader in store. Today, Tuesday 15 December 2016, 31 additional banks and credit unions have gone live with Apple Pay. They join ANZ Bank and American Express as Apple Pay pioneers in Australia.
What is Apple Pay?
Apple says Apple Pay is a simple way to pay in-store or within selected apps and on participating websites. Your card details are never shared with the merchant or anyone else when you use Apple Pay. Apple says that makes Apple Pay purchases safer and more private.
To use Apple Pay in stores, hold your iPhone near the PayPass, PayWave or Apple Pay reader with your finger on Touch ID. If you are using an Apple Watch for Apple Pay, double-click the side button and then hold it near the reader.
Apple Pay is also available for making online and in-app purchases. To use Apple Pay at an online checkout you simply place your finger on Touch ID.
New MacBook Pro computers feature a Touch Bar that enables the user to complete purchases by simply placing their finger on Touch ID.
How to get Apple Pay
Apple Pay needs to be linked to a Visa, Mastercard or American Express issued credit, charge or debit card. When you make a purchase using Apple Pay the money is deducted from your linked card.
To get Apple Pay you need a card issued by a participating financial institution. That card can either be a credit card that must be repaid each month or an everyday transaction account with a linked Visa or Mastercard debit card.
Which banks and credit unions now offer Apple Pay?
ANZ Bank was the first financial institution in Australia to offer Apple Pay for it’s customers. American Express issued charge and credit cards also offer Apple Pay. American Express cards issued by banks (except ANZ Bank) do not offer Apple Pay.
Now, 31 banks and credit unions have launched Apple Pay for their customers. They are:
Bank of Sydney
Beyond Bank Australia
Big Sky Building Society
CAPE Credit Union
Central West Credit Union
Illawarra Credit Union
Community First Credit Union
Northern Beaches Credit Union
Credit Union Australia (CUA)
Credit Union SA
First Option Credit Union
Goulburn Murray Credit Union Co-Op