Payment Methods

Apple Pay Lets Users Down Under Pay Merchants From Their Bank Account

Apple Pay AU Users Can Choose Visa or EFTPOS

Apple Pay, in a move that will let users in Australia skip credit card fees at places that support EFTPOS (electronic funds transfer), now has support for dual-network debit cards, according to reports.

Previously, the default Visa payment option had users pay a fee they otherwise wouldn’t have had to fork out if they were using a physical card.

The feature, called “Choose Payment Option,” allows an Apple Pay user to decide whether they want to use Visa or EFTPOS on a dual-network card. Loading the card isn’t difficult — it can be added just like any other payment method, using the iPhone’s Wallet app.

If the option isn’t visible, Apple Pay is most likely linked to another dual-network card. In order to see it, delete the card and add it again. Next, tap on the card to see the new multiple options. (By default, the option is Visa.) On an Apple Watch, double-click the side button to bring up the Apple Pay interface, then press on the display to bring up the menu of payment networks available for the selected card.

EFTPOS isn’t available for transactions outside Australia, or Apple Pay on the internet. When users travel away from the country, they need to remember to manually switch from EFTPOS to Visa.

In other Apple Watch news, Apple has reportedly been talking with private Medicare plans to potentially provide the device to seniors. The companies are supposedly looking into subsidizing the peripherals to help seniors with health tracking.

A2 Strategy Group Health Insurance Consultant Augustin Ruta said that “it’s the segment of health insurance with the highest dollar revenue and margin per member.” About 19 million seniors are a part of private Medicare Advantage plans – and that figure is said to be rising.

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LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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