Australia’s most used debit card system, Eftpos, can now be used for making contactless payments via Apple Pay. Australia residents with eftpos Access cards issued by the bank ANZ can now use iPhones and Apple Watches to make in-store payments with lower transaction fees.
While ANZ has supported Apple Pay since April 2016, the extension of this support to eftpos cards is notable due to their common use in Australia. Users are able to, with Apple Pay, make contactless payments directly from a checking or savings account without daunting fees.
The Reserve Bank of Australia has reportedly estimated that paying with a Visa or MasterCard processor means an additional charge of 0.55% of the transaction value. Going through either processor has, until now, been necessary for tapping at a checkout.
However, when using an eftpos card to pay through Apple Pay, the transaction will be treated as though the user has put their card into an eftpos machine and selected “cheque” or “savings”. Hence, the fee will be a comparatively meager 0.15%, Business Insider reports.
In a press release, eftpos Acting CEO Paul Jennings has revealed that this Apple Pay compatibility is now available to roughly 1.6 million ANZ eftpos Access cardholders. Much more information about the service can be read on the eftpos website.
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