Fit Pay and ANZ (Australia and New Zealand Banking Group) have inked an agreement which will see contactless payment capabilities extended to new devices. ANZ cardholders will for instance be able to make contactless payments that are secure at point-of-sale terminals that are enabled with near-field communication capabilities. This will be from wearable devices as well as Internet of Things devices which are integrated with Fit Pay’s platform for payments.
“We are very pleased to be working with one of Australia’s leading banks to help drive the adoption of new contactless payment technology … This agreement allows them (Australians) to enjoy that same frictionless payment experience,” Michael Orlando, the president of Fit Pay and the chief operating officer of NXT-ID, said.
Token Requester Program
The agreement will also see ANZ participate in the Token Requester Program of FitPay. The program allows the secure addition of payment credentials and other details to devices which have the contactless payment platform of FitPay integrated with them. To transact the payments which are highly secure, tokenization is used by the platform. Thus consumers can pay by just tapping at point-of-sale terminals which have enabled near-field communication capabilities.
Part of the agreement also includes making sure that all the devices being deployed meet the consumer experience, branding, security, usage and technical requirements set by ANZ. At the moment that are around 15 wearable and IoT device manufacturers who are integrating with the payment platform of FitPay. Announcements regarding the products by these manufacturers are expected to be made throughout the course of next year.
Currently Australia is the world leader in contactless payments with 80% of Australians making a minimum of one contactless payment per week.
Series of divestments
The agreement between Fit Pay and the biggest bank in New Zealand as well as one Australia’s leading banks comes in the wake of ANZ disclosing that it would buy back shares worth $1.2 billion. This comes after the financial institution which operates not just in the Asia-Pacific region but also in the Middle, East, Americas and Europe, divested from non-core businesses.
At the beginning of the year ANZ disclosed that it would sell a 20% stake in Shanghai Rural Commercial Bank at a price of $1.33 billion to two state-owned enterprises in China. That sale has now been completed.
Two months ago also divested from its OnePath investments and pensions business by selling it to IOOF Holdings Limited at a price of $765.3 million. Swiss insurer Zurich also announced earlier in the month that it would be acquiring the life insurance business of ANZ.