Australian Banks come out in support of Android Pay to be launched in 2016
On Wednesday, Google announced its plans to launch Android Pay in Australia sometime in 2016. Google has already received the support of six banks unlike Apple, which was launched last month and has only one banking partner, the American Express Bank. The exact date of the launch has not been confirmed yet.
Android Pay, like the Apple Pay, serves as a digital credit card which can be used to make payments in apparently a much safer and secured way than most banking apps. The credit card or debit card numbers will never be shared with the merchant and it will also allow the user to lock the device through Android Device Manager if the phone is lost or stolen. The system works using an NFC chip in the Android phone, which is similar to the chip used by the credit cards to make contactless payments.
The announcement was made in a public blog post by director of product management, Pali Bhat. Australia will become the second country where Android Pay will be launched after it was first introduced in the US in May this year.
ANZ Bank, Adelaide Bank, ING DIRECT, Macquarie Bank, Cuscal, Bendigo and Westpac, as well as its subsidiaries Bank of Melbourne, Bank of South Australia and St. George, will be the first banks to offer Visa, MasterCard and EFTPOS on Android Pay. Among these banks, Westpac already has its own digital wallet, which can be accessed using a Samsung smartphone, but the Android Pay would have multiple credentials from different banks.
"Android Pay offers clients a simple and secure way to make payments using their Android phone, as well as the convenience of storing gift cards, loyalty cards and special offers on their phone," Macquarie Group deputy managing director Greg Ward said in a statement.
The launch of Android Pay in Australia will be supported by retailers like 7-Eleven, Coles Supermarkets, Coles Express, Donut King, Domino’s Pizza and McDonald’s. According to Google, the Android Pay would also help in storing gift cards, loyalty cards and special offers. The Android Pay allows in-app payments.
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