I got this advertisement this morning.
I would say its the start of a big push to replace the creditcard and it's not just ANZ, but Westpac too, which includes St.George, Bank of Melbourne and BankSA and there is also Bendigo Bank now on too. The other major banks, I am sure will quickly follow. So the message is pretty clear in 2017, we are going to see a big move from the banks to replace the credit card with the mobile. Why it will succeed is that in Australia is because everyone has a smartphone and smartphones are now upgraded to this system.
Readers, here will not be surprised as I said this before here and to accept these payments, a retailer needs a contactless terminals that is why we alerted our readers that there was a free upgrade offer from tyro to handle this new technology.
The big plus beside the convenience to consumers is that the mobile can use fingerprints rather than passwords. I am always reluctant to use my password in public, and am still concerned about contactless as anyone who has my card can swipe it. I prefer the security of my fingerprint, whatever else its certainly more secure then a swipe.
In 2017, you will need to get these contactless terminals.