Westpac announced today that Apple Pay is now available for all customers with an eligible Mastercard debit or credit card, enabling customers to make fast, easy and secure purchases with their phone or smartwatch. 

It is the last of the big four banks to do so. For reference:

  • ANZ was the first in April 2016

  • CBA was the second in January 2019

  • NAB was the third in May 2019

While ANZ quickly adopted Apple Pay after it was made available, the other three big banks formed a coalition to ask the ACCC (Australian Competition and Consumer Commission) to force Apple to give them access instead of making them pay for it, as its since been revealed that the banks pay between 0.04% – 0.06% of the value of purchases on Apple products.

But the ACCC denied their request, and one by one the big banks adopted Apple Pay.

Westpac held firm the longest, although it had recently announced it would make Apple Pay available by mid-2020, so today's announcement is sooner than anticipated. 

Westpac Group Chief Executive, Consumer, David Lindberg, said the introduction of Apple Pay comes at an important time for customers who're looking for alternatives to cash. 

“We are pleased to announce that Westpac customers can now use Apple Pay to make fast and secure payments," he said. 

“We have seen a significant increase in customers using digital banking in recent weeks as more Australians stay at home.

"With the introduction of Apple Pay, it will now be even easier for customers to pay for goods and services in stores, via apps or online without the need for a card or wallet.”

Readers can head to Westpac's new Apple Pay homepage for more information how on to set it up.

Need somewhere to store cash and earn interest? The table below features introductory savings accounts with some of the highest interest rates on the market.

Rates
Features
Conditions
Other
Provider
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
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Savings Account

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
More details
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
More details
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02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Increase your balance by $200 each month to earn the maximum interest
  • No account keeping fees
  • No minimum balance
  • Interest paid monthly
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Online Savings - Premium Saver

  • Increase your balance by $200 each month to earn the maximum interest
  • No account keeping fees
  • No minimum balance
  • Interest paid monthly
More details
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010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
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Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
More details
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020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account (<$100k)

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    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver

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      01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Virgin Money Boost Saver

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        01001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

        Bonus Saver Account

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          01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Bonus Saver

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            0100$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            mySaver

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              000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Simple Saver

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                4001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Netsave Account

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                  3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Online Savings Account

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                    3000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    HSBC Everyday Savings Account

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                      0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      Incentive Saver Account

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                        4000.01$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Bankwest Easy Saver

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                          0502$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Bonus Saver

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                            000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
                            • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
                            • Retrace your spending steps into categories with Spending Footprint.
                            • Start tapping straightaway with Apple Pay, Google Pay™, Samsung Pay, and Garmin Pay.
                            • No monthly or international fees on any of your transactions.
                            Disclosure

                            Save Account

                            • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
                            • Retrace your spending steps into categories with Spending Footprint.
                            • Start tapping straightaway with Apple Pay, Google Pay™, Samsung Pay, and Garmin Pay.
                            • No monthly or international fees on any of your transactions.
                            More details
                            Disclosure
                            0500$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                            Incentive Saver Account

                              More details
                              02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                              Growth Saver Account

                                More details
                                • Increase your balance by $200 each month to earn the maximum interest
                                • No account keeping fees
                                • No minimum balance
                                • Interest paid monthly

                                More details
                                Important Information and Comparison Rate Warning

                                All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of November 21, 2024. View disclaimer.

                                Important Information and Comparison Rate Warning

                                How does Apple Pay work? 

                                Apple Pay is fairly simple in its premise - your phone or smartwatch essentially stores (securely) your debit or credit card's information, and utilises the device's Near-Field Communication (NFC) chip to connect to EFTPOS machines and merchant terminals. 

                                This enables you to swipe your device and pay for something the same way you normally would with a physical card, and it is exclusively for tap and pay purchases or online purchases, the limit for which has been recently increased to $200 from $100 to help stop the spread of the coronavirus (COVID-19).

                                Apple Pay is available on any Apple iPhones past the 6th generation, or on any version of its Apple Watch series. It costs nothing extra to use. 

                                Does Westpac offer any other digital payment options? 

                                Yes it does. In fact, each of the big four banks now offer all of the key digital wallet payment options available, such as Samsung Pay, Google Pay, FitBit Pay and Garmin Pay. 

                                COVID-19 driving digital wallet growth 

                                A record number of digital wallet transactions were made in March 2020 across such platforms, according to recent Commonwealth Bank analysis. 

                                March 2020 digital wallet spend surged 17% from February 2020, vastly outpacing the average monthly growth rate of 6.7% from the past six months, with the average spend being $28. 

                                There were 36 million digital wallet transactions made overall - the previous record stood at 34 million in December 2019. 

                                Much of this growth has been driven by coronavirus, as customers seek an alternative to cash. 

                                “The growth in the number of contactless purchases has been increasing since the introduction of Apple Pay last year, however it’s now evident that even more people regard it as a safe and secure way to pay in this environment," CBA's Executive General Manager of Everyday Banking Kate Crous said.