Banking News

BNZ to offer Apple Pay to customers

BNZ to offer Apple Pay to customers

(9 October 2017 – New Zealand) Bank of New Zealand (BNZ), has announced that it will offer customers the ability to use Apple Pay, making it the second bank in New Zealand to partner with the technology giant, after ANZ.

BNZ, who parent company is National Australia Bank (NAB), will become the only major lender in New Zealand to provide both Apple Pay and Android Pay options to customers.

The bank’s head of digital, Stephen Bowe said customer would have access to Apple Pay by the end of October.

The launch comes following customer feedback according to Bowe.

"We have had a lot of customers asking for this,” he said.

Bowe added that mobile payments were still growing but people were increasingly living in a digital world and the mobile phone was becoming the "remote control" for our financial lives. He highlighted that mobile payments were a safer payment option.

"People are more likely to leave their wallet at home than their phone. This is safer and a more convenient way to pay."

National Australia Bank hasn’t made a similar announcement for its Australian customers. Earlier this year, the finance and banking regulator, ACCC ruled against NAB, CBA, Westpac, and other banks application to work together to content access to Apple’s near field communication (NFC) chip. The ruling found that the parties would give unfair negotiating power to the banks involved, and likely reduce innovation and competition in the market.

Instead, those banks have released payment options via a variety of other “wearable” technology, and mobile platforms including upcoming Garmin and Fitbit watches.

Bowe said that was down to the markets being different between New Zealand and Australia.

"This is something we have done for our customers."

Bowe said BNZ had to make extensive changes to its back-end systems to allow the technology to be used.

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