News in that ING Direct have joined ANZ in offering Apple’s Apple Pay service to their clients. For the subset of iPhone users who also bank with ING, this is no doubt great news, as Apple Pay is a highly convenience and secure payment solution if it’s available to you.
Macquarie’s Head of Personal Banking for Macquarie’s Banking and Financial Services Group Ben Perham says that “with more Australians using their mobile phones for banking, it’s an obvious next step that customers would want to turn their iPhone into their wallet.”
ANZ have had Apple Pay for quite some time, but other banks have been stalling implementing the payment solution, while attempting to convince the ACCC to let them force Apple to change the way Apple does business to suit the banks.
For those ANZ, ING and Macquarie banking clients or those of some of the smaller banks and financial institutions that are offering Apple Pay, the solution provides a much needed security boost and helps ensure your money gets spent when you want it be, not when someone else does.
This is because when you use Apple Pay, you tap with your phone, not your card, and your phone requires you to authenticate the transaction with TouchID. With a card, someone can easily take it, and tap to pay without any authentication for many transactions, but this is not the case with the iPhone. Even if they took your phone, they won’t be able to authenticate and spend your money.
It also means that organised crime won’t be able to easily penetrate the system; Where simply cloning your card is something we expect to see as crime groups get geared up, even if they clone the NFC in your phone, they won’t be able to authenticate the transactions.