ANZ teams up with Apple in banking first

The agreement with Apple means ANZ customers are able to use Apply Pay to make purchases wherever contactless payments are accepted with either an ANZ Visa debit or credit card or an ANZ American Express credit card.

Actual card numbers are not stored on Apple’s servers or devices used to access Apple Pay. Instead, a unique device account number is assigned, encrypted and securely stored in a secure element of Apple devices, and each transaction is authorised with a one-time, unique security code.

ANZ chief executive Shayne Elliott said the introduction of Apple Pay is a significant milestone in the bank’s strategy to provide its customers with a superior digital experience and “a watershed moment” in the adoption of mobile payments in Australia.

“I’m proud we’re the first major Australian bank to offer Apple Pay and we are confident the convenience, security and privacy will be well-received by our customers,” Mr Elliott said.

“With the high adoption rates of contactless payments in Australia, our customers will be world leaders in their ability to use their mobiles to make the vast bulk of essential payments.”

According to ANZ, more than 60 per cent of all card transactions in Australia are now contactless.

[Related: Credit union has finger on technology pulse]