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670 posts

Ultimate Geek

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  # 1680567 1-Dec-2016 10:01
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sbiddle:

 

 

 

Apple don't need the 3 banks in the most developed contactless payments market in the world? You make me laugh!

 

Apple need the big 3 far more than the big 3 need Apple.

 

 

 

Why exactly do Apple need the big 3 banks?

 

Apple Pay is just one of many features of the iPhone/Apple Watch/iOS/macOS ecosystem, it's not a make or break feature and the iPhone was selling just fine without it.

 

If anything, the banks who are holding out for NFC access (which I hope never ever happens) will be the ones hurting, as people move to banks that do support Apple Pay. I'm already doing more banking with ANZ now that they've got Apple Pay, and I've been with ASB for 25+ years. If I didn't have my home loan with ASB, I would be moving 100% of my banking (personal, business and home loan) to ANZ.

 

Far easier to switch banks in most cases than it is to switch mobile/computing platforms.

 

Just my 2 cents anyway!


1759 posts

Uber Geek
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  # 1680581 1-Dec-2016 10:29
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These banks holding out on AppplePay are extremely hypocritical. They make billions of dollars each year in profits and add extreme fees to all customers transactions without shame, yet they take Apple to court because they want Apple to relinquish their IP to them!!!!! Yeah right.

 

Lets remember that it is banks who charge consumers close to 20% interest on credit cards when the cash rate is under 5%.

 

So I for one have no qualms about swapping banks for moral reasons.


 
 
 
 


411 posts

Ultimate Geek


  # 1680608 1-Dec-2016 11:09
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Pumpedd:

These banks holding out on AppplePay are extremely hypocritical. They make billions of dollars each year in profits and add extreme fees to all customers transactions without shame, yet they take Apple to court because they want Apple to relinquish their IP to them!!!!! Yeah right.


Lets remember that it is banks who charge consumers close to 20% interest on credit cards when the cash rate is under 5%.


So I for one have no qualms about swapping banks for moral reasons.



The interest rate is a function of risk. My question to people who complain about banks profit is "what is their return on equity?" That's effectively the interest rate that the shareholders are getting for their investment. Is that interest rate reasonable for the risk?

I'm not sure of the answer, I haven't looked it up but complaining about high profits on its own is misguided.

1759 posts

Uber Geek
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  # 1680616 1-Dec-2016 11:17
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SheriffNZ:
Pumpedd:

 

These banks holding out on AppplePay are extremely hypocritical. They make billions of dollars each year in profits and add extreme fees to all customers transactions without shame, yet they take Apple to court because they want Apple to relinquish their IP to them!!!!! Yeah right.

 

 

 

Lets remember that it is banks who charge consumers close to 20% interest on credit cards when the cash rate is under 5%.

 

 

 

So I for one have no qualms about swapping banks for moral reasons.

 



The interest rate is a function of risk. My question to people who complain about banks profit is "what is their return on equity?" That's effectively the interest rate that the shareholders are getting for their investment. Is that interest rate reasonable for the risk?

I'm not sure of the answer, I haven't looked it up but complaining about high profits on its own is misguided.

 

I am sad you call me misguided, as I wasn't complaining about profits on its own! Please be more careful when attempting to score points.


1759 posts

Uber Geek
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  # 1680634 1-Dec-2016 11:45
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Benjip:

 

sbiddle:

 

 

 

Apple don't need the 3 banks in the most developed contactless payments market in the world? You make me laugh!

 

Apple need the big 3 far more than the big 3 need Apple.

 

 

 

Why exactly do Apple need the big 3 banks?

 

Apple Pay is just one of many features of the iPhone/Apple Watch/iOS/macOS ecosystem, it's not a make or break feature and the iPhone was selling just fine without it.

 

If anything, the banks who are holding out for NFC access (which I hope never ever happens) will be the ones hurting, as people move to banks that do support Apple Pay. I'm already doing more banking with ANZ now that they've got Apple Pay, and I've been with ASB for 25+ years. If I didn't have my home loan with ASB, I would be moving 100% of my banking (personal, business and home loan) to ANZ.

 

Far easier to switch banks in most cases than it is to switch mobile/computing platforms.

 

Just my 2 cents anyway!

 

 

 

 

Iphone purchasers have been looking forward to using ApplePay on their phones ever since the NFC chip was installed. This feature has been generally available in other countries for some time.

 

So, you are correct, Apple does not need the 3 Australian banks, but a significant proportion of the banks customers would like to see these features activated.


2568 posts

Uber Geek


  # 1680662 1-Dec-2016 12:51
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If Apple had NOT already gotten ANZ, the banks might have had a case, but once one bank broke ranks and accepted the option, the rest were immediately screwed (and rightly so!)

Apple have made clear their focus on security of their clients comes first (ask the FBI) so why would they ever give a random (relatively small, even if week developed in contactless payment) country access when their own country's federal police can't make them do so either?

They would much rather Australia/NZ had no Apple Pay, than lose a worldwide understanding that the individuals security comes first in a modern day of privacy concerns (perception - true or not)

670 posts

Ultimate Geek

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  # 1680674 1-Dec-2016 13:08
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Pumpedd:

 

 

 

Iphone purchasers have been looking forward to using ApplePay on their phones ever since the NFC chip was installed. This feature has been generally available in other countries for some time.

 

So, you are correct, Apple does not need the 3 Australian banks, but a significant proportion of the banks customers would like to see these features activated.

 

 

Oh absolutely, I think everyone with an iOS device would want their banking available on their phone/tablet/watch/Mac. It's clear now however that it's not Apple who are making it difficult, it's the banks (seems obvious since ANZ has managed to come to an agreement and I imagine it can't be too awful else they wouldn't have done so).


 
 
 
 


1985 posts

Uber Geek


  # 1681271 2-Dec-2016 13:43
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I remember reading somewhere that Australia has the most developed contactless payments market in the world.  I just cannot remember where though..............

 

I guess that alone provides justification for the banks having access to Apple's secure enclave and risking the security of all iPhone owners with this functionality.


423 posts

Ultimate Geek


  # 1684847 8-Dec-2016 19:20
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FINALLY used Apple Pay today via my U.K. card loaded into Apple Pay. Many hoops to jump through to get verified with my bank I guess that will vary between banks. Set up on iPhone and thought I was ready to go with Watch to however you have to add that to the watch seperately AND verify the card again with bank for the watch.

Anyway as I say used it today it was great paying with the watch but the experience felt kind of pointless when I had to get my Countdown Onecard out of my wallet anyway.

A nice glimpse into how things will be in a few years though once all cards and rewards cards can be loaded in. Not holding my breath for NZ reward card companies to get on board anytime soon.

4401 posts

Uber Geek

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  # 1684851 8-Dec-2016 19:23
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I wonder what the chances are of Apple Pay being offered by Kiwibank or TSB. I wouldn't shift to ANZ because Apple Pay alone is not a good enough reason to switch from one big ugly Aussie bank to another, but it might be a good excuse to switch to a New Zealand owned bank.


74 posts

Master Geek


  # 1696511 30-Dec-2016 15:52
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Moved main banking to ANZ from BNZ just because of this... just need an Apple Pay capable iPhone =)))


804 posts

Ultimate Geek


  # 1696512 30-Dec-2016 15:53
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alasta:

 

I wonder what the chances are of Apple Pay being offered by Kiwibank or TSB. I wouldn't shift to ANZ because Apple Pay alone is not a good enough reason to switch from one big ugly Aussie bank to another, but it might be a good excuse to switch to a New Zealand owned bank.

 

 

 

 

I created a new account just for it. Took like 15 minutes easy as.


2568 posts

Uber Geek


  # 1696746 31-Dec-2016 11:11
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benokobi:

alasta:


I wonder what the chances are of Apple Pay being offered by Kiwibank or TSB. I wouldn't shift to ANZ because Apple Pay alone is not a good enough reason to switch from one big ugly Aussie bank to another, but it might be a good excuse to switch to a New Zealand owned bank.



 


I created a new account just for it. Took like 15 minutes easy as.



Yep, me too... my initial $200 wasn't going to make anyone cry but gave me a handy backup when travelling the US and is widely useable here in the U.K. (Including replacing the need for a tube travel card too!)

In the U.K. Banks have managed to get their own apps working for payments and cash withdrawals (at least NatWest has) so whatever they can do here is presumably safe enough even if it's not using the NFC chip itself?

FWIW, they offer both ApplePay _and_ their own app, so can't have to much issue with Apples margins either or they'd just have their customers have only their own option?

*Edit*

After some research their app actually doesn't do payWave exactly, just mobile (text) payments (via "PayM") and a funky ATM withdrawal trick where they txt you a special code to use their ATM's without a card (!)

https://supportcentre.natwest.com/Searchable/913223562/What-is-Get-Cash-and-how-do-I-use-it.htm

BDFL - Memuneh
64780 posts

Uber Geek

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  # 1696763 31-Dec-2016 12:15
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Pumpedd:

 

Iphone purchasers have been looking forward to using ApplePay on their phones ever since the NFC chip was installed. This feature has been generally available in other countries for some time.

 

So, you are correct, Apple does not need the 3 Australian banks, but a significant proportion of the banks customers would like to see these features activated.

 

 

Actually expansion has been slow. This is the list of countries where it is available, in release order. Note NZ came before Japan - I don't think "has been generally available in other countries" should be read as "everywhere else but New Zealand":

 

United States
United Kingdom
Canada
Australia
China
Singapore
Switzerland
France
Hong Kong
Russia
New Zealand
Japan
Spain

 

Benjip:

 

Oh absolutely, I think everyone with an iOS device would want their banking available on their phone/tablet/watch/Mac. It's clear now however that it's not Apple who are making it difficult, it's the banks (seems obvious since ANZ has managed to come to an agreement and I imagine it can't be too awful else they wouldn't have done so).

 

 

For that matter, everyone with an Android device. Or everyone with a Windows Phone. Those devices also have NFC and Pay capabilities. They aren't Apple and yet we don't see a multitude of payment options using these other platforms either.





2568 posts

Uber Geek


  # 1696778 31-Dec-2016 13:03
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Well according to this article http://i.stuff.co.nz/business/money/87061607/android-pay-available-in-new-zealand-today--for-bnz-customers NZ were 6th for android pay too, so perhaps we'll soon have it all (especially if you discount the dying WinPhone) and believe their "1/2 of NZ's have android phones"...

Now it's ANZ for ApplePay and BNZ for AndroidPay... battle of the banks begin!

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