Banking News

eftpos Apple Pay functionality added by Suncorp

eftpos Apple Pay functionality added by Suncorp

(8 May 2019 - Australia) Suncorp has replicated ANZ's move to add eftpos functionality to its Apple Pay allowing bank customers to withdraw cash with purchases which presents as popular functionality as ATM numbers dwindle.

According to the RBA, the number of ATM withdrawals has fallen on average by five percent per annum over the last six years. NAB has removed almost 2,000 ATMs from its Australian network over the past year, matching a braoder push across retail institutions to reduce expensive cash machines and cut costs.

Suncorp was an early adopter of Apple Pay having signed up in 2018 alongside ANZ. Banks are trying to reason with retailers that have become increasingly exasperated about the level of card acceptance and merchant fees that are typically charged on a subscription and percentage level for credit based products. CBA, Westpac and NAB launched their own digital wallet platform, Beem, but then saw CBA sign-up to Apple Pay in December 2018. Despite CBA reporting that it had added 500,000 customers to Apple Pay in just two weeks in February, the bank then came in for intense criticism from eftpos customers who were shut out of the Apple Pay deployment. CBA’s business card customers, who were also left off the first Apple Pay deployment, were finally connect-up to the service this month. Speculation of a merger between Suncorp and BoQ has remerged as both Queensland based lenders grapple with upgrading legacy systems and integrating new digital technology.

“We are committed to offering our Everyday Banking customers a range of convenient, safe and secure payment options. eftpos with Apple Pay gives our customers more choice and convenience” stated Bruce Rush, Suncorp Executive General Manager for deposits and payments.

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