Australian Banks Hold Back on Apple Pay Support Due to Fees

[bEEarCUB]

Similar sort of thing in Europe. Chip & pin is already the standard, so from a retailer's perspective there's little incentive to add Apple Pay, especially with the costs of training people how to use it and buying the necessary equipment.

Not to say Apple Pay is bad.

No new equipment is needed. If the terminal supports NFC and don't go out of their way to block Apple Pay (MCX ties), then you just need a card issuer that supports apple pay.

I have Chase for example, which supports Apple Pay. I was in Toronto last month and used Apple Pay almost everywhere and didn't have a problem. Canadian banks (credit card issuers) don't currently support Apple Pay, but most of their terminals do (because they've been using chip and pin for a while). The tech/terminal support situation is actually way better there than it is in the U.S., and it should be the same elsewhere.

Australian banks just don't want to pay the fees for Apple Pay transactions on cards they issue.

 

[MrX8503]

Yep, all you need is an NFC terminal. I was able to pay for a Taxi ride with Apple Pay.

 

[RedOrchestra]

In Canada we've had Tap & Go terminals for quite some time - it apparently has a $100 limit per transaction but I Tapped a $163 purchase yesterday - no problem. So I'm sitting here with a iP6 and in absolutely no hurry for Apple Pay to show up, if ever.

 

[ddtmm]

In Canada we've had Tap & Go terminals for quite some time - it apparently has a $100 limit per transaction but I Tapped a $163 purchase yesterday - no problem. So I'm sitting here with a iP6 and in absolutely no hurry for Apple Pay to show up, if ever.

I'm in Canada as well, Toronto. I will definitely try out Apple Pay when it arrives for curiosity but I'm not expecting anything new. We've had chip and PIN cards for many years and tap cards have been in service for a few years now as well. There's nothing easier than tapping a credit/debit card.

I think it's a big thing in the US because they have been far behind for so long. I remember travelling to the US and seeing people pulling out their cheque books in stores. What??? So the Aussi perspective make a lot of sense. They've already been enjoying tap-to-pay technology that doesn't come with an additional fee for years now. There's no added convenience for them.

 

[Pakaku]

I know some people like you are just natural negative whiners. But at least Apple products work very well for most people. And their basic services are basically very good too. You are welcome to whine, for I know you enjoy it. Well, you are what you are. No one will blame you.

If Apple can't take care of iCloud or Apple Music, why should I expect any better from a 'serious' context like an entire bank?

 

[MrX8503]

I'm in Canada as well, Toronto. I will definitely try out Apple Pay when it arrives for curiosity but I'm not expecting anything new. We've had chip and PIN cards for many years and tap cards have been in service for a few years now as well. There's nothing easier than tapping a credit/debit card.

I think it's a big thing in the US because they have been far behind for so long. I remember travelling to the US and seeing people pulling out their cheque books in stores. What??? So the Aussi perspective make a lot of sense. They've already been enjoying tap-to-pay technology that doesn't come with an additional fee for years now. There's no added convenience for them.

October 2015 is the deadline for retailers in the U.S. to support EMV cards. The U.S. Has been lagging behind in that respect.

However, Apple Pay is superior to all other forms of contact less payments.

 

[JAT]

Apple Pay IMO adds absolutely no value to transacting in Australia. I've had PayWave on all my bank cards for well over two years and I can't imagine it being any easier using my phone instead. I've watched videos of Apple Pay being used in the US and it looks so slow (with the whole fingerprint thing). I can remove my wallet from my pocket, remove my card, tap it and return it all to my pocket in less time than I've seen people getting just their fingerprint recognised in the videos I've watched.

That's for < $100 transactions of course (no pin), over that chip and pin might me slower than Apple Pay.

It's not slow. Don't know what videos show you, but the convenience of no wallet trumps whatever fraction of a second too long you think it is. ApplePay is the only reason I still have an i6, stupid POS for wifi and other problems.

 

[coolspot18]

Similar sort of thing in Europe. Chip & pin is already the standard, so from a retailer's perspective there's little incentive to add Apple Pay, especially with the costs of training people how to use it and buying the necessary equipment.

Yes, Visa payWave and similar technologies are widely deployed in Canada; Apple Pay is Apple only - leaves out the huge Android population. Banks are slow moving, long term, organizations and they don't like to put all their eggs in one basket.

 

[coolspot18]

And the way I see it, accepting Apple Pay should help these same banks significantly reduce their write offs due to fraudulent charges. That alone seems like a strong argument to me.

PIN technology is widely used outside of the United States and this has reduced fraud significantly already.

 

[coolspot18]

So they're fine with no PIN or any kind of security for purchases under $100? Sure, their solution is much better than Apple Pay, who wants security anyway.

With payWave and similar technology, you need to steal the card - which is difficult. I don't think the losses are all that great.

 

[iMerik]

Sorry... but I can't see an Apple Bank working out too well if they can't even handle basic services they already run.

If two guys from Rock Valley, IA, can start up a multi-branch bank from scratch, Apple can hire away top banking talent to start a new bank that is regulation-ready and all. Or buy an online bank like Simple.com that is already Apple-like in how they present themselves. With as much cash as Apple has, the threat may seem very real to banks and credit unions who would rather not compete with Apple but be partners instead.

 

[ErikGrim]

Contact NAB
Contact ANZ
Contact Commonwealth Bank
Contact Westpac

 

[coolspot18]

With as much cash as Apple has, the threat may seem very real to banks and credit unions who would rather not compete with Apple but be partners instead.

Beyond Apple Pay, I don't think Apple wants to get into the banking business.

 

[ArneK]

It will never be introduced here in Germany, because my fellow Germantards are all counting their 1,2 and 5 cent coins at the register. Yay us. Long live the progress!

I think it'll definitely come. Recently saw that Aldi Süd is getting equipped with NFC terminals. They probably hope to speed up payment to increase their efficiency. I already paid with my NFC credit card at McDonalds, Starbucks, ... (even though most of the time the guys working there didn't even know one could do that).

 

[iMerik]

Beyond Apple Pay, I don't think Apple wants to get into the banking business.

I don't think so either, but they could.

 

[Yumbo]

Yes, Visa payWave and similar technologies are widely deployed in Canada; Apple Pay is Apple only - leaves out the huge Android population. Banks are slow moving, long term, organizations and they don't like to put all their eggs in one basket.

The banks can easily support multiple platforms.
Any fees would be made up with volume increase.
The amount of hipsters at cafes alone would cover the difference.