According to Reuters, Apple Inc is struggling to persuade Australia’s big banks to sign up for its Apple Pay mobile payment system, people familiar with the matter say, as the technology giant works from an unfamiliar negotiating position: weakness, not strength.
Apple rolled out the service in Australia last month with support for payment cards issued directly by American Express Co. The move is part of the iPhone supplier’s global drive to extend its mobile consumer electronics prowess into financial services, with a China launch expected soon.
In order to use Apple Pay in Australia, you will need to be an American Express card holder, which is about 20 per cent of the card market in Australia. Apple is continuing to work with the other card holders but there is no update yet on when Visa and Mastercard holders in Australia will be able to use Apple Pay. Apple Pay will be available for Australians with an Amex card issued directly by American Express — not an American Express card issued through a bank. Top 3 things to keep in mind if you plan on using Apple Pay.
- You don’t have to unlock your iPhone when making a purchase with your iPhone. The NFC antenna is at the top on the phone, and you don’t have to touch your iPhone or Apple Watch against the reader. Just place it close to it and the receiver will detect the Apple device. You then need to confirm your identity with Touch ID on your phone.
- You can use an Apple Watch to pay for a purchase, and don’t need to have your iPhone with you. You just need to be wearing your Watch so that it is unlocked. If you’re heading out for a run and want a coffee when you finish, you can pay with a swipe of your Watch. No need to have an internet connection, an iPhone, cash, or your wallet.
- When you register your card to use Apple Pay on your Apple device, it generates an unique code that is not the three-digit security code on the back of your phone or your PIN. It also uses a dynamic security code for each transaction, so if the store’s security is hacked your credit card is still secure. If your Apple device is lost or stolen, you can log on to Find my Phone to disable Apple Pay.