ANZ and Cuscal-sponsored credit unions including CUA today announced their eftpos cardholders can now make payments using Android Pay.
The nine institutions, including People’s Choice Credit Union, Sydney Credit Union, Woolworths Employee’s Credit Union, Nexus Mutual and FCCS, are the first in Australia to officially offer this payment method to eftpos cardholders, enabling almost two million people to pay using their Android mobile devices.
This follows the announcement Commonwealth Bank, Westpac and NAB are collaborating to launch a mobile payments platform, Beem, to make instant contactless payments with eftpos cards.
Canstar’s Group Manager of Research and Ratings Mitch Watson said the new offering meant ANZ customers would have access to mobile payments regardless of their choice of smartphone and credit or debit card.
“This puts them ahead of the other Major Banks when it comes to the choice their customers have among digital wallet technology,” Mr Watson said.
“With Australia’s high utilisation of contactless payments, ANZ’s move means its customers are closer to being able to leave home with just their smartphone or smart watch.
“Digital payments promise increased security over the use of physical cards.”
The Android Pay service increases security for consumers by using Australia’s domestic Token Service Provider (TSP) that removes confidential card data from the eftpos payment network and replaces it with a unique payment token.
This also enables consumers to disable mobile payments quickly if they lose their card or mobile phone.
An eftpos spokesperson told Canstar the TSP creates a new card number which isn’t displayed on the phone and can’t be used with any other device.
“This number can be cancelled if you lose the phone,” they told Canstar.
“Customers can also lock their phone for added security.”
Google VP of Product Management, Payments, Pali Bhat said they were excited to bring the security and simplicity of mobile payments via eftpos for Android device owners.
“Using Android Pay is more secure – and much faster – than rummaging through your wallet for a plastic card,” Mr Bhat said.
“That’s why we’ve worked with eftpos to enable Android Pay at almost 800,000 contactless payment terminals in Australia where people can seamlessly Tap & Pay with eftpos using their Android devices.”
To use the eftpos card on an Android device, consumers can download the Android Pay app from the Google Play Store and follow the prompts to set up their account.
Try our Transaction Accounts comparison tool to instantly compare Canstar expert rated options.
Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular product. If you decided to apply for a product, you will deal directly with a financial product provider, and not with Canstar. Cost and product information should be confirmed with the relevant product provider. For more information, read the product disclosure statement (PDS), Canstar’s Financial Services Guide (FSG), detailed disclosure, important notes and liability disclaimer.
The benefits or inclusions mentioned represent a selection of what is covered at the time of writing. Additional terms and conditions may apply to different features. Additional fees may apply to the product. Please ensure that you read the product disclosure statement (PDS) to determine all the current options and inclusions for the product you are considering.
*We are Australia’s Biggest Financial Comparison Site. Click here to learn more
This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you. Consider the product disclosure statement and target market determination before making a purchase decision. Canstar provides an information service. It is not a credit provider, and in giving you information about credit products Canstar is not making any suggestion or recommendation to you about a particular credit product. Research provided by Canstar Research AFSL and Australian Credit Licence No. 437917.