Supporting mobile pay options for consumers is fast becoming table stakes for financial institutions, yet making the capability available to existing clients before competitors acts as a key differentiator and an provides opportunities to raise one’s profile as early-adopters form new habits.
ANZ customers will have the option to pay using their visa debit or credit card, or an American Express credit card, with the bank saying it is “actively” working on shortly bringing Mastercard into the mix.
According to ANZ chief Shayne Elliott, adding Android Pay to the contactless payment portfolio — where ANZ currently offers its proprietary ANZ Mobile Pay and Apple Pay — will give ANZ customers more choice, which is a key goal for the bank.
While the rate of adoption of mobile pay schemes has not been as robust as providers anticipated, Mercator believes securing early adopters provides a valuable “proof of functionality” the main body of consumers finds reassuring. It never hurts to be one of the first companies to provide consumers with what is slated to be considered a “standard” offering or feature, especially if you as part of the movement to make it standard…just ask Mercedes-Benz.
Overview by Joseph Walent, Senior Analyst, Emerging Technologies at Mercator Advisory Group
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