Tech giant Apple has unleashed Apple Pay into the Australia market, the contactless payment system will be available on all Apple iPhone, iPad or Apple Watches. The catch? It’s only Amex card users can use it.
Just like a credit card, Apple Pay doesn’t rely on the Internet to make transactions. When a card is registered to use Apple Pay, it generates an unique code that is not the three-digit security code on the back of your phone or your PIN. It also uses a dynamic security code for each transaction, so if the store’s security is hacked your credit card is still secure.
Amex has about 17 per cent market share in credit cards in Australia,that’s an estimated 6.8 million cards in circulation out of about 42 million cards in total.
The second catch with Apple Pay is that only Amex users whose card was issued by Amex can use the card less system. This means the estimated 1.9 million Amex cards issued by banks with Visa and MasterCard linked to the same account will not be able to use the system.
The product, which launched in the United States a year ago, was rolled out in Canada on Wednesday. Spain, Hong Kong and Singapore will follow in 2016.