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Apple's Jennifer Bailey Says Customers Are Willing to Switch Banks to Use Apple Pay
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[doublepost=1486777414][/doublepost]I like Apple Pay, but uhmmm...no.
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."
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.
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
It's also the banks.
Yes... most major banks have Apple Pay... but not all 5,000 banks in the US. Think tiny local and community banks... middle of the country stuff.
My small local bank without Apple Pay is about to be acquired by a larger regional bank with Apple Pay. So by next month I'll have it... finally.
Then I'll be able to complain about merchants
what you should just say is "credit card". then use your phone to tap. it works 100%
You're not in Australia. Merchants are not the problem; 95% of all retailers accept NFC & Apple Pay - even street markets.
I switched to ANZ... I no longer carry cash.
Don't sweat it. English is my first language and I adore commas. In fact, I'm caressing one right now.
I'm pretty sure @djlythium was just messin' witcha. ,,,,,, <3
'''Tis true! Just kidding!Don't sweat it. English is my first language and I adore commas. In fact, I'm caressing one right now.
Customers are willing to switch banks because banks are generic, faceless corporations. They don't go out of their way to provide good customer experience, one is just as greedy as the next and so there's no feeling of loyalty to any bank.
Are you kidding me?
Cute, cool, but switch from my bank of 25 years? Give me one good reason.
It helps my fico - not THE reason, but it does not hurt.
No advantage to get this.
As to he folks that love to pay cash.. sorry you are missing out. I have flown around the world in Biz/First class with credit card miles and bonuses. Very, very little cash here.
Sorry, I have no idea who she is, but maybe she should get ready to be Sean Spicer's replacement. She is willing to give alternative facts for the good of the "company".
haha...really ? I thought people go where the lower rates are. not on features...
Are we saying we *want* to pay higher rates over another bank which doesn't have Apple pay, but u get more bang for your buck with lower fees?
I don't think Apple Pay sends that strong powerful message,, it never will.
If people don't mind paying higher fees, the ya all bets are off, they would prefer features, but i don't think we all feel that way.
Are we saying we *want* to pay higher rates over another bank which doesn't have Apple pay, but u get more bang for your buck with lower fees?
I don't think Apple Pay sends that strong powerful message,, it never will.
If people don't mind paying higher fees, the ya all bets are off, they would prefer features, but i don't think we all feel that way.
I didn't switch banks - I just applied for the cheapest ANZ credit card and now rarely use the other banks credit card (will probably cancel it at the end of the year)
I have found ApplePay works with every NFC machine in Australia (i.e. Tap and pay). I still come across merchants who dont expect my iPhone to work and are surprised when it does.
I only wish that it worked in more overseas locations. I feel more secure knowing that my credit card details are not passed onto the merchant. Also the fingerprint recognition is much more secure than a credit card with an NFC chip.
I've been using ApplePay for approx. 1 year now, and I use it in places that accept it.
With that, I'm not sure I'd "switch banks" just to use ApplePay, if the first bank kept me a satisfied customer in the first place.
However, like many Americans, I have more than 1 bank and/or credit card account. So I have found that I am now using my bank/credit/debit account that does support ApplePay more and more. While leaving behind (and relying less and less on) the other account that doesn't support it.
With that, I'm not sure I'd "switch banks" just to use ApplePay, if the first bank kept me a satisfied customer in the first place.
However, like many Americans, I have more than 1 bank and/or credit card account. So I have found that I am now using my bank/credit/debit account that does support ApplePay more and more. While leaving behind (and relying less and less on) the other account that doesn't support it.
Why shouldn't banks have access to Apple Pay? Perhaps it they can't see Apple's a limited system, but by the same tocken if Apple can say what we use, then banks should have a equal say if they wish to use a better standard with their own app.. I stand middle ground on that..
Just because it's a iphone, Apple wants to control it.... They are saying that message when u use Apple Pay, where as Apple has open up Touch ID in other areas.... they can do the same with Apple Pay as well given time.....
Lets the banks share some of this as well. and not force the user. If Westpac here in Austraia, had Apple Pay, i would use it but i wouldn't switch apps just to.
[doublepost=1486784196][/doublepost]The simple thing is that payment security is much more advanced in Australia than in the US and Apple security represents a downgrade. Additionally Apple does absolutely nothing to earn the commissions they want to charge. Apple is becoming more of a thief and rogue than ever before.
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."
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.
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
Who switches banks to use a NFC payment method?
I won't lock the bootloader on my phone let alone switch banks.
I won't lock the bootloader on my phone let alone switch banks.
I think there's an element of truth to the comment. I'd switch my main credit card for my daily spend if they supported Apple Pay. After moving back to Australia from Singapore where all the major banks supported Apple Pay and Samsung Pay (and Android Pay too), I am very disappointed that my local bank here (Citibank) only supports Samsung Pay. My S7 Edge is usually at home (since it's my Singapore phone) and that only leaves me with AMEX on the iPhone 7+/Watch, and not every merchant accepts it here...
... so whichever company launches a fee free credit card, supports Apple Pay, and allows me to earn Qantas points, I'll sign up for and move my regular spend there.
... so whichever company launches a fee free credit card, supports Apple Pay, and allows me to earn Qantas points, I'll sign up for and move my regular spend there.
Why the **** did you quote me when you didn't respond to anything that I said???
Having said that, I totally agree. Apple's nfc should be opened up like touch ID.
I purchased my Apple Watch a year before Apple Pay even came to Australian strongly for that use.
I waited patiently for NAB to support it even after ANZ was supporting it. When NAB joined the other banks to try and force Apple to allow access to the NFC. I was gone. I opened ANZ and transfer all my accounts and car loan to ANZ. So this is definitely true.
I can see the banks are only trying to push their ****** apps as contactless and if given access wouldn't bother to support Apple Pay at all.
[doublepost=1486791920][/doublepost]
Check with your employer man. A lot of comapanies have ties to ANZ and will offer free fee wavier on all credit cards.
I waited patiently for NAB to support it even after ANZ was supporting it. When NAB joined the other banks to try and force Apple to allow access to the NFC. I was gone. I opened ANZ and transfer all my accounts and car loan to ANZ. So this is definitely true.
I can see the banks are only trying to push their ****** apps as contactless and if given access wouldn't bother to support Apple Pay at all.
[doublepost=1486791920][/doublepost]
Check with your employer man. A lot of comapanies have ties to ANZ and will offer free fee wavier on all credit cards.
Apple Pay relies on credit cards which involve "swipe fees" that merchants must pay to credit card companies that average something like 2% per transaction. For some merchants that fee can even exceed their profit (hence the resistance of some businesses to accepting credit cards). It isn't as if the merchants just eat these fees though, they pass them on to the consumer. A truly new payment system could cut out the credit card companies entirely and do something similar to a debit card by taking the money directly from you bank account perhaps. Anyhow, the idea is lower or no fees equals lower prices.
Its still a true comment either way. Customers will say that. She didn't say all customers.