BNZ introducing Apple Pay

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#1879935 9-Oct-2017 14:42

I've been using Apple Pay now with ANZ for ~3 months. i like it, its convenient but as one poster has already said, there are still retailers out there without paywave so you still need to carry your card with you. Until paywave reaches 100% coverage it will always be bit of a gimmick.

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#1879972 9-Oct-2017 16:11

I only use apple pay if I'm already holding my phone in my hand, otherwise it's quicker just to whip my wallet out and use paywave (without taking my credit card out)

And there's less novelty involved with that like the iPhone or Apple Watch attract when paying with either

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#1879974 9-Oct-2017 16:17

coffeebaron:
Pumpedd:

So many of the places I shop dont even have paywave.....

Because there is still no tap to pay equivalent for standard debit card EFTPOS.

I assume that is because the banks are being greedy to smaller retailers with tap to pay fees.

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#1879992 9-Oct-2017 17:23

Pumpedd:
coffeebaron:
Pumpedd:

So many of the places I shop dont even have paywave.....

Because there is still no tap to pay equivalent for standard debit card EFTPOS.

I assume that is because the banks are being greedy to smaller retailers with tap to pay fees.

Not quite, it's because a VISA debit card etc is treated as a credit card transaction, so attracts the usual % margin. Standard debit card EFTPOS does not attract those fees. Why should the small retailer have to start accepting credit cards and fees just to have contactless?

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#1879993 9-Oct-2017 17:27

One retailer that does take credit cards told me they get charged more if a payWave transaction and not an insert card transaction, so they discourage use of payWave unless a busy time.

Be why others don't do pay wave at all, even though can do a credit card transaction.

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#1880098 9-Oct-2017 21:33

coffeebaron:
Pumpedd:

coffeebaron:
Pumpedd:

So many of the places I shop dont even have paywave.....

Because there is still no tap to pay equivalent for standard debit card EFTPOS.

I assume that is because the banks are being greedy to smaller retailers with tap to pay fees.

Not quite, it's because a VISA debit card etc is treated as a credit card transaction, so attracts the usual % margin. Standard debit card EFTPOS does not attract those fees. Why should the small retailer have to start accepting credit cards and fees just to have contactless?

Scheme debit cards (Visa, Mastercard etc), when inserted or swiped, don't incur merchant fees. Contactless transactions on debit and credit cards incur fees because the card schemes created and own the technology that process them.

On Mastercard the contactless fee is lower than for a standard credit transaction whereas Visa contactless charges vary depending on the card type used, e.g premium, standard, corporate etc.

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#1880146 10-Oct-2017 02:48

@MileHighKiwi. “Scheme debit cards (Visa, Mastercard etc), when inserted or swiped, don't incur merchant fees.“

Are you certain about this - doesn’t sound right to me. This would mean that a large proportion of credit card sales would earn the bank or cc operator no revenue and I doubt that.

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#1880166 10-Oct-2017 07:01

eracode:
@MileHighKiwi. “Scheme debit cards (Visa, Mastercard etc), when inserted or swiped, don't incur merchant fees.“

Are you certain about this - doesn’t sound right to me. This would mean that a large proportion of credit card sales would earn the bank or cc operator no revenue and I doubt that.

Because they are running as eftpos, not thru the visa network, so its the same as the old ATM card being swiped. No fee either side in most cases since people complain when banks actually get paid for doing work.

Richard rich.ms

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#1880177 10-Oct-2017 08:22

So, if Apple Pay is being supported by BNZ but not NAB then does that mean that the NZ business units are not affected by the ongoing stoush between Apple and the big Australian banks? Or has that been resolved?

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#1880217 10-Oct-2017 09:26

alasta:

So, if Apple Pay is being supported by BNZ but not NAB then does that mean that the NZ business units are not affected by the ongoing stoush between Apple and the big Australian banks? Or has that been resolved?

Last I heard, the ACCC has told the banks they're not allowed to team up against Apple. So now I guess it's just a matter of which bank will give up first (since it's only a matter of time until they all are forced by consumer demand to embrace modern payments via smartphones).

Very interesting (and great for us) that the NZ business units (in the case of BNZ) are free to do their own thing. Hopefully it goes well for BNZ so their Aussie parent company is more inclined to offer Apple Pay in Australia.

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#1880224 10-Oct-2017 09:38

FINALLY!!! I think they thought android pay adoption would be higher than expected. Offering Apple Pay will be way more popular IMO.

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#1880226 10-Oct-2017 09:40

I found this line from the press release funny:

"The bank had not set specific targets for take-up but Bowe said he expected mobile banking customers who have iPhones to be the main users."

Really? The main users of Apple Pay will be iPhone users? Shocking! ;)

I bank with BNZ and had given up waiting for Apple Pay. I've actually just switched from Apple to Android, and have been using Android Pay for the past couple of weeks. Even though it's the same action as standard paywave, there's something imperceptibly cooler about using my phone to pay for something.

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#1880231 10-Oct-2017 09:48

I forgot my credit card today. Lucky I have Apple Pay to get my coffee and keep me fed.

MileHighKiwi

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#1880247 10-Oct-2017 10:20

eracode:
@MileHighKiwi. “Scheme debit cards (Visa, Mastercard etc), when inserted or swiped, don't incur merchant fees.“

Are you certain about this - doesn’t sound right to me. This would mean that a large proportion of credit card sales would earn the bank or cc operator no revenue and I doubt that.

100% certain. Scheme debit cards only incur fees when they are used in contactless transactions, and when they are used online for e-commerce transactions, otherwise they're free to process for merchants. Merchant fees apply to all credit card transactions, and the rate (Interchange) varies depending on the card type used by the customer, and the method, e.g. online or in-store.

Debit and Eftpos transactions account for the majority of transactions processed by banks and they make no money from them.

eracode

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#1880269 10-Oct-2017 11:30

MileHighKiwi:
eracode:
@MileHighKiwi. “Scheme debit cards (Visa, Mastercard etc), when inserted or swiped, don't incur merchant fees.“

Are you certain about this - doesn’t sound right to me. This would mean that a large proportion of credit card sales would earn the bank or cc operator no revenue and I doubt that.

100% certain. Scheme debit cards only incur fees when they are used in contactless transactions, and when they are used online for e-commerce transactions, otherwise they're free to process for merchants. Merchant fees apply to all credit card transactions, and the rate (Interchange) varies depending on the card type used by the customer, and the method, e.g. online or in-store.

Debit and Eftpos transactions account for the majority of transactions processed by banks and they make no money from them.

My apologies - I missed the word ‘debit’.

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