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Apple Pay coming to millions in Australia with Cuscal signing credit union deal

13 February 2017

Apple Pay coming to millions in Australia with Cuscal signing credit union deal

Up to 4 million Australians can now start using Apple Pay following a deal between Apple and Cuscal, the credit card processing giant that represents smaller banks and credit unions. Cuscal is one of Australia's largest card issuers and runs Australia's largest network of rediATM cash machines

The agreement does not include many of Cuscal’s industry partners and a number of credit unions but it does include 31 credit unions and banks.

The deal will see 31 Credit Unions and Banks offering Apple Pay to their Credit Card Customers the list includes Credit Union Australia, Bank of Sydney, Horizon Credit Union, Police Bank, Teachers Mutual Bank, and Woolworths Employees’ Credit Union.

Vice President of Apple Pay Jennifer Bailey says the tech giant wants as many Australians as possible to be able to use it.

“We are thrilled that customers from more than 30 of Cuscal’s banks and credit unions, including People’s Choice Credit Union, Credit Union Australia and Teacher’s Mutual Bank, will be able to enjoy the convenience, security and privacy of Apple Pay,” she says.

“Today more than 3,500 banks across 12 countries already support Apple Pay and we think Cuscal’s customers will really love using Apple Pay for everyday purchases in stores, apps and on the web.”

Apple and three of Australia’s big four banks have been in a protracted battle over adopting Apple Pay. The argument largely is focused on the commission Apple is to receive from each Apple Pay transactions.

American Express and ANZ have been the only Australian financial institutions to offer Apple Pay so far, with Westpac, National Australia Bank and Commonwealth Bank and some of the smaller banks seeking approval from the Australian Competition and Consumer Commission to negotiate collectively with Apple.

The banks argue that Apple's refusal to open up the NFC chip for banks to run digital wallets on its phones is anti-competitive, while Apple says doing so would compromise the security of its devices.

Coles and other retailers have backed those banks, as has payments innovator Tyro.

Fintech Australia, the peak body for fintech companies, has argued that the dispute highlights the need for open access in all areas of financial infrastructure.

ANZ has claimed a boost since it implemented Apple Pay, saying 20 per cent of the bank’s “eligible” customers - adults with a credit or debit card and an iPhone 6 or later to support Apple Pay - had uploaded their card details to the technology giant’s free digital wallet.

ANZ has about 5 million customers in Australia, while Apple has about 41 per cent of the smartphone market.

The 31 card issuers who can now offer Apple Pay, following Cuscals partnership with Apple are listed below.

  • Bank Australia
  • Bank Sydney
  • Beyond Bank Australia
  • Big Sky Building Society (Australian Unity)
  • CAPE Credit Union
  • Central West Credit Union
  • Illawarra Credit Union (Catalyst Money)
  • Community First Credit Union (Northern Beaches Credit Union)
  • Credit Union Australia (CUA)
  • Credit Union SA
  • Defence Bank
  • Nexus Mutual
  • First Option Credit Union
  • Goldfield Money
  • Goulburn Murray Credit Union Co-Op
  • Holiday Coast Credit Union
  • Horizon Credit Union
  • Intech Credit Union
  • Laboratories Credit Union
  • My State Bank (The Rock)
  • Northern Inland Credit Union
  • People's Choice Credit Union
  • Police Bank (Customs Bank)
  • QT Mutual Bank
  • Select Encompass Credit Union
  • South West Slopes Credit Union
  • Sydney Credit Union
  • Teachers Mutual Bank (UniBank)
  • The Mac (Macarthur Credit Union)
  • Warwick Credit Union
  • Woolworths Employees' Credit Union

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