Apple Pay coming to millions in Australia with Cuscal signing credit union deal

Up to 4 million Australians can soon start using Apple Pay following a deal between Apple and a body representing smaller banks and credit unions.

Customers with debit and credit accounts held with 31 financial bodies will be able to use Apple Pay to make retail payments from their iPhone following a deal with payments provider Cuscal.

A Cuscal spokesman said a starting date for the service was yet to be announced.

The agreement does not include many of Cuscal’s industry partners and a number of credit unions but it does include 31 credit unions and banks.

The list includes Credit Union Australia, Bank of Sydney, Horizon Credit Union, Police Bank, Teachers Mutual Bank, and Woolworths Employees’ Credit Union.

Cuscal cannot confirm if more banks and credit unions will join the agreement.

Vice President of Apple Pay Jennifer Bailey says the tech giant wants as many Australians as possible to be able to use it.

“We are thrilled that customers from more than 30 of Cuscal’s banks and credit unions, including People’s Choice Credit Union, Credit Union Australia and Teacher’s Mutual Bank, will be able to enjoy the convenience, security and privacy of Apple Pay,” she says.

“Today more than 3500 banks across 12 countries already support Apple Pay and we think Cuscal’s customers will really love using Apple Pay for everyday purchases in stores, apps and on the web.”

Apple and three of Australia’s big four banks have been in a protracted battle over adopting Apple Pay. The argument largely has centred on the commission Apple is to receive from each Apple Pay transactions.

AMEX and ANZ have been the only Australian financial institutions to leverage Apple Pay so far, with Westpac, National Australia Bank and Commonweath Bank and some other banks seeking approval from the Australian Competition and Consumer Commission to negotiate collectively with Apple.

Coles and other retailers have backed those banks, as has payments innovator Tyro.

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Source: Apple Pay coming to millions in Australia with Cuscal signing credit union deal – The Australian