Commbank adds support for Apple Pay

Good news for Commonwealth Bank customers, you can now use Apple pay with your debit mastercard or credit card.  This means if you’ve got an Apple device such as an iPhone or Apple Watch you can use it to pay instead of your card.

Why use Apple Pay?

Compared to the rest of the world, Australia has had contactless payments for a while now.  We are still one the leading countries for contactless.  Pretty much all retailers who accept cards also support contactless.    So what’s the advantage of using Apple Pay?

Sometimes it’s convenient to leave behind your wallet and just carry your phone or watch.  It’s also a handy backup for those times that you forget your wallet (we’ve all done it).  And sometimes it’s just faster to reach for your phone.

If you use a number of cards and a number of wallets, the convenience of not having to remember which is in which may also be useful.

If you’re concerned about security, Apple Pay is more secure than a card.  The card numbers aren’t actually stored on your device and you need to use TouchID or FaceID to authenticate.

You can also use Apple Pay to pay for things on the web and through apps without needing to enter your credit card information.   Support for Apple Pay on the web/apps is still quite limited but I’m starting to see it pop up more and more.

The bottomline is that in Australia Apple Pay is never going to be as useful as it is in the U.S where they didn’t have contactless payments. Paying in the U.S by card is a joke and often requires you to show I.D – only recently have they added support for pin payments.  We have it easy here.  I don’t think anyone needs Apple pay, but it’s a nice convenience.

Where can you use Apple Pay?

You can use Apple Pay wherever you see the contactless logo:

Some retailers may also display an “Apple Pay” logo.

Basically if you’ve used your card for contactless payments in the past, you’ll also be able to use Apple Pay.

What does it cost?

The good news is there is no additional charge for you the consumer.  Commbank will need to pay Apple a small fee, but we have no details over what terms they managed to negotiate.  Commbank resisted adding Apple Pay for a long time.  I’m guessing they’ve been given pretty good terms by Apple.

Which other Banks support Apple Pay in Australia?

At the moment the only other “big” bank that supports Apple Pay is ANZ.  Expect the other two of the big four to jump onboard soon.  A number of smaller financial institutions such as Bankwest and Bendigo also support Apple Pay.

This post is for educational purposes and should not be considered as investment advice. This post is based on individual experience and journalistic research.

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