Commonwealth Bank has signed up to Apple Pay, ending ANZ’s long run as the only big four bank in Australia to offer the service.
ANZ signed up to the iPhone contactless payments service in April 2016, and chief executive Shayne Elliott has said it has been valuable in attracting new customers.
Australia’s largest bank is now following suit – it says at the request of its customers.
‘We recently wrote to our customers asking them what the bank could do differently,’ CBA retail executive Angus Sullivan said on Friday.
‘One of the things we heard repeatedly from our customers is that they want Apple Pay.’
Apple Pay allows customers to store card details via their phone and then use the device on contactless payment terminals rather than having to reach for their wallets.
Consumers in Australia can already link cards from many smaller banks and credit unions, and international firms including American Express, HSBC, ING and Citi also access Apple Pay.
While ANZ accepted Apple’s terms on Apple Pay, CBA, Westpac and NAB tried and failed to get permission from the competition watchdog to collectively bargain with the US giant for the right to access the iPhone’s contactless tech via their own digital wallets.
Commonwealth Bank and Bankwest customers will be able to use the service in January.