(22 November 2015 – Australia) Apple Pay launched in Australia last week, however without the backing of the country’s banks with hopes to replace the wallet and make every day purchasing experiences more convenient.
The new product hits the Australian market with American Express as its only key banking partner. All national banks have refused to connect with Apple Pay due to their push for a portion of transaction fee profits.
Apple Pay has been available in the US for over a year with a great deal of success, as almost 1000 banks have paired with service.
It is not expected that the local launch will have the same impact as Australians will not be able to connect with their preferred bank.
Meanwhile, Apple Pay has continued to expand its reach in other markets, including the UK. Last week, an additional two banks, TSB and Tesco Bank confirmed that they will be enabling support for their payment cards. This follows similar announcements by a raft of big UK banks including HSBC, First Direct, Nat West and Royal Bank of Scotland.