Australian banks restart Apple Pay negotiations following ANZ's success

How to use Apple Pay on iPhone and iPad
How to use Apple Pay on iPhone and iPad (Image credit: iMore)

A number of Australian banks are said to be renegotiating with Apple over terms for bringing Apple Pay to those institutions, following the success ANZ Bank has seen thanks to the program. ANZ, which signed on with Apple Pay at the end of last month, has seen a surge in the number of credit and debit card applications, which it credits to its deal with Apple.

The Sydney Morning Herald reports:

In interviews last week, the chief executives of Westpac Banking Corp, Brian Hartzer, and National Australia Bank, Andrew Thorburn, said negotiations with Apple will continue.  Westpac had struck a deal with Samsung two years ago to offer tap and go on Samsung phones "which is essentially the identical experience" as Apple Pay, Mr Hartzer said. 

Australian banks have been historically reticent regarding Apple Pay, with the primary sticking point being the transaction fee split between Apple and the banks. They have also been concerned about Apple coming between them and their customers.

Joseph Keller

Joseph Keller is the former Editor in Chief of iMore. An Apple user for almost 20 years, he spends his time learning the ins and outs of iOS and macOS, always finding ways of getting the most out of his iPhone, iPad, Apple Watch, and Mac.