Apple's Jennifer Bailey Says Customers Are Willing to Switch Banks to Use Apple Pay

Discussion in 'MacRumors.com News Discussion' started by MacRumors, Feb 10, 2017.

  1. MacRumors macrumors bot

    MacRumors

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    Apple Pay vice president Jennifer Bailey believes that Apple Pay is valuable enough that "customers will say they are happy to switch banks to use it."

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    Bailey claims Australians are using Apple Pay more frequently than customers in any other countries, which she said "is in large part due to Australia being a recognized global leader in contactless payments and usage."

    That's good news for ING Direct and Macquarie, which have announced they will enable support for Apple Pay in Australia by the end of February. Both banks are listed as "coming soon" on the Apple Pay website in Australia, alongside ANZ, Bank Australia, Beyond Bank, P&N Bank, and over 30 other smaller banks.

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    Bailey's comments, made in an interview with the Australian Financial Review, appear to be directed towards three of Australia's "Big Four" banks that refuse to accept Apple Pay, namely Commonwealth Bank, NAB, and Westpac. The fourth bank, ANZ, has supported Apple Pay since April 2016.

    The trio of banks, along with Bendigo and Adelaide Bank, instead turned to the Australian Competition and Consumer Commission (ACCC) in an attempt to gain access to the NFC hardware in the iPhone. The banks want access to the NFC chip so they can offer their own existing bank-run mobile payments services.
    The ACCC denied rejected the application from the banks in November as part of a draft ruling, and its final decision will be announced in March.

    Last year, Apple told the ACCC that "allowing the banks to form a cartel to collectively dictate terms to new business models and services would set a troubling precedent and delay the introduction of new, potentially disruptive technologies."
    Earlier this week, the banks said they are fighting to provide "real choice" and "real competition" for consumers.
    Despite the ACCC negotiations and apparent ill-will, Bailey said Apple still wants "to work with the banks in Australia to bring Apple Pay to our customers, in a way that advantages many of the things they are offering through their banking apps, which we have done already in other markets."

    "That's why the announcement about these new banks is important and we are continually on that path - because as more banks get on the platform, I think there is more of an industry understanding about how Apple Pay really compliments their services," she added, referring to ING Direct and Macquarie.

    Commonwealth Bank, NAB, Westpac, and Bendigo and Adelaide Bank reportedly serve two-thirds of Australian cardholders.

    Article Link: Apple's Jennifer Bailey Says Customers Are Willing to Switch Banks to Use Apple Pay
     
  2. stu.h macrumors 65816

    stu.h

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    I didn't switch banks, but I took out a new credit card so I could play with Apple Pay :)
     
  3. santaliqueur macrumors 6502a

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    I like Apple Pay a lot. If my bank stopped supporting it, I'd probably switch to one that does.
     
  4. OneZweiThree macrumors regular

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    Well, the first bank, that offers Apple Pay in Germany, will get my money. So I cant say, they are wrong.
     
  5. fel10 macrumors 68000

    fel10

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  6. smizzle macrumors regular

    smizzle

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    I don't think enough places in the US accept it for that to really be true. I am lucky because my bank allows it, and even though I use it whenever possible, it's still not that much. I've used it in a local grocery store and then a couple times at Panera and the Disney store. I love Apple Pay, but it's really not worth the hassle of switching banks until enough places accept it that I could leave my wallet at home.
     
  7. Rorosbutt macrumors 6502

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    I made sure the bank I went with offered Apple Pay so there is some truth to this.
     
  8. tillsbury macrumors 65816

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    Absolutely it is. Here in NZ most banks are Aussie-owned, so we get mostly the same choices plus some independents. ANZ is therefore the only one with Apple Pay. I opened an account with them the day it was announced and use it exclusively where available, and find myself avoiding shops that don't accept it if possible. I hardly use my other cards now.
     
  9. LordQ, Feb 10, 2017
    Last edited: Feb 10, 2017

    LordQ Suspended

    LordQ

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    B*tch please, I'd switch countries to use Apple Pay ):
    Why no support for Mexico? (TV app, Apple Pay, Nearby in Maps, News app, etc)
     
  10. EvilEvil macrumors 6502a

    EvilEvil

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    I set up Apple Pay since inception but have yet to use it at any store!
     
  11. spook macrumors regular

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    My bank kept fudging its introduction so I swapped.
    --- Post Merged, Feb 10, 2017 ---
    In the U.K., they have a system where you can switch just by filling in a online form, then the banks deal with everything.
     
  12. Xavier macrumors 68030

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    Well, I switched so I could use it, so i agree with her.
     
  13. spook macrumors regular

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    Even if it's true?
     
  14. thekeyring macrumors 68040

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    Don't they mean worldwide, too?
     
  15. DotCom2 macrumors 68040

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    It's NOT the banks...It's the MERCHANTS! Not enough merchants that I visit anyway, support it.
     
  16. thisisnotmyname macrumors 68000

    thisisnotmyname

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    luckily my banks all supported it so I didn't have to make that choice. Not sure I would have changed long standing relationships over Apple Pay, probably would have pushed the bank(s) to support it instead.
     
  17. tchadrainwater macrumors member

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    I switched from my bank to under my pillow and mattress money! ;) doesn't support Apple Pay yet
     
  18. tmiw macrumors 68000

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    #18
    Couldn't their assertion still be true, though?

    Why wouldn't it still be true? It's possible for there to be enough banks supporting it where you don't have to switch, yet not enough support to use it in stores.

    This is true. You do have to admit it's gotten better though.
     
  19. coolfactor macrumors 68040

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    Why do you see it that way?

    (and @MacRumors, rushed article? Several typos.)
     
  20. tubeexperience, Feb 10, 2017
    Last edited: Feb 10, 2017

    tubeexperience macrumors 68040

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    Apple fell into its own reality distortion field.
     
  21. coolfactor macrumors 68040

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    No kidding! It's frustrating when the bank charges you a monthly fee for your account, and then you end up paying extra "service charges" on top of that anyway for relatively light usage.
     
  22. cube macrumors P6

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    Apple Pay is not even worth getting an Apple device.
     
  23. skinned66 macrumors 65816

    skinned66

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    #23
    I'd totally consider Apple Pay whenever I would select a new processor or bank so I'm inclined to agree.

    If my next phone isn't an iPhone, well then...
     
  24. MH01 Suspended

    MH01

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    Of course she is going to say that.....and yet the other banks are doing just fine.

    My issue with this in oz is that the bank and apple are both being greedy.
     
  25. TroyBoy30 macrumors 68020

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