ANZ customers using Samsung Pay can now choose to pay via EFTPOS

Customers at one of Australia’s major banks can now avoid hefty surcharges when making payments via their phone or smartwatch.

ANZ cardholders who choose to use Samsung Pay can now avoid hefty surcharges usually applied at the point of sale on contactless payments.

The major bank will allow its customers to use EFTPOS rather than Visa or MasterCard when making a transaction through digital cards on Samsung phones and smartwatches.

The Melbourne-based bank is the first of the majors to implement a multi-network debit and EFTPOS system for digital wallets and contactless payments through Samsung Pay.

Australia’s EFTPOS system usually attracts minimal or no card surcharge fees in comparison with the other two major card systems in play across the national payment network.

ANZ Samsung Pay customers will now have the ability to make secure payments and withdraw cash at the checkout when choosing either a cheque or savings function on the EFTPOS terminal.

ANZ Samsung Pay customers will now have the ability to make secure payments and withdraw cash at the checkout when choosing either a cheque or savings function on the terminal. Picture: Supplied.

The Reserve Bank of Australia has previously urged retailers and businesses to implement a “least cost routing” system, which puts all contactless payments automatically through the cheaper EFTPOS channel.

ANZ deposits manager Shannon Peachy said the decision to implement this through digital wallets was the next step in the bank’s technology overhaul to meet the demand of consumers wanting cashless payments.

“Our leading position in payments now provides our customers with easy to use and secure digital wallet options across nearly every major phone and smartwatch brand,” Mr Peachy said.

“We are always looking for ways to improve our customers’ payment experiences, and this gives millions of our cardholders greater choice when using Samsung Pay.”

The Melbourne-based bank is the first of the majors to implement a multi-network debit and EFTPOS system for digital wallets and contactless payments through Samsung Pay. Picture: NCA NewsWire / Naomi Jellicoe

It is understood ANZ digital wallet users on Apple devices have been able to opt in for the eftpos function since 2019.

Eftpos chief executive Stephen Benton said mobile phone transactions were growing on average by 25 per cent month-on-month across the network, with ANZ’s decision at pace with the changing needs of the industry.

“We’re confident ANZ customers will embrace Samsung Pay with EFTPOS for everyday payments.” Mr Benton said.

“Samsung Pay with EFTPOS enables ANZ customers access to their own money via their Samsung smartphone while out shopping, with added benefits such as the ability to track their bank balances in real time.”

Originally published as ANZ customers using Samsung Pay can now choose to pay via EFTPOS