We don’t see there being a trade-off here, where we are taking a step backwards economically. The iPhone as a payment device will challenge banks’ revenue from selling or renting terminals to small business, an area that Block also competes in via its Square business.īut Westpac’s chief executive of consumer and business banking, Chris de Bruin, said any lost revenue from terminals would be more than made up by making it easier for more small businesses to accept mobile payments. Apple is already earning more than $110 million from Australian banks each year for customers using Apple Pay, its digital wallet.Īpple allows iPhones to receive payments in the United States and Taiwan Australia, where contactless payments are popular, will be its third global market.Ĭhris de Bruin of Westpac: “The numbers work well for us.” Louie Douvis
Contractual terms have not been disclosed. BloombergĪNZ, through its partnership with Worldline, along with payment fintechs Stripe, Till Payments and Zeller, are also working with Apple to enable the functionality in Australia in the coming months.Īpple will allow banks and other payment providers to use iPhones for payments only if they allocate some of their merchant fees to Apple. Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, said Tap to Pay on iPhone “empowers Australian businesses to offer easy, secure, and private contactless payment experiences”. The move expands the payments market, generating higher fees for banks and Apple, which is continuing to push for a cashless society.
#Apple pos terminal software#
Tyro and Westpac switched on the “Tap to Pay” service on Wednesday morning using banking software hosted on iPhones without needing a conventional payment terminal. Apple will allow iPhones to be used to accept payments in Australia for the first time, enabling merchants signed up to Tyro Payments and Westpac – the only big bank offering it to business customers – to receive payments from cards or other smartphones.
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