ANZ Access cardholders are able to use Apple Pay with in-store eftpos mobile payments, making the bank the first Australian financial institution to offer Apple Pay.
Paul Jennings, the acting chief executive of eftpos, says Apple Pay with eftpos provides ANZ eftpos Access cardholders with the ability to make eftpos purchases on their iPhone or Apple Watch using their own money, processed in real time.
In stores, Apple Pay works with iPhone SE, iPhone 6 and later and Apple Watch.
To set up Apple Pay, the 1.6 million ANZ Access cardholders need to open the Apple Wallet app in iOS 11 and follow the prompts.
Security issues are top of mind for anyone paying for something using a mobile device.
When using an ANZ eftpos Access card with Apple Pay, the actual card number is not stored on the device, nor is it stored on Apple servers. Instead, a unique device account number is assigned, encrypted and securely stored on the cardholder's phone.
Each transaction is authorised with a one-time unique dynamic security code.
Unlike other cards that process mobile payments as credit transactions, an eftpos Apple Pay "tap" accesses the cardholder's money in real time.
ANZ Access cardholders can have peace of mind knowing they are spending only what is in their bank account.
The addition of Apple Pay follows ANZ's partnership with other major digital wallets like Android Pay and Samsung Pay as well as its ANZ Mobile Pay platform.