Apple Pay is coming to the big 4 banks, whether they like it or not

Intelligent Investor

Independent Financial Research

ANZ has broken ranks and signed up to Apple Pay but there’s a good chance the others won’t anytime soon. Around age 7, Rebecca Bloomwood’s friends stopped believing in magic. But instead of dispensing with her own belief, after seeing adults use ‘magic cards’ to get everything they wanted, Rebecca, the protagonist of Confessions of a shopaholic, found confirmation of the existence of a mystical power. Today’s shopaholics don’t use ‘magic cards’ to buy their Gucci bags and green scarves. Instead, they reach for their smart phone. Smartphone payments are set to become the next big battleground in retail banking. According to a 2015 Deloitte report, 4-in-5 Australians own a smart phones - 15 million in total – and more and more of them want to use their phone as a payment device. Australia’s big four banks have begun to introduce mobile payment technology, launching applications on Android phone devices. ANZ (ASX:ANZ) is the first big four bank to sign up to Apple Pay. Read full article here: (VIEW LINK)


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Independent Financial Research

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