ANZ Bank launches phone to phone payments

Beverley Head
Wednesday, 01 September 2010 19:43

Your IT - Mobility

ANZ Bank today officially launched its goMoney iPhone application that allows ANZ customers to monitor and manage their money, and send a payment to any mobile phone. It also hinted that an Android version might not be far behind.

Demand for the iPhone application has surprised ANZ, with 31,000 downloads five days into the application’s soft launch on the iTunes apps store. While that’s only a tiny fraction of the bank’s 1.8 million active online banking users, Peter Dalton, group general manager innovation, said he expected demand to continue to rise, and that the application might encourage more people to open ANZ accounts.

While most banks have mobile phone applications, ANZ is claiming the edge in terms of ease of use and speed. Once registered iPhone users can access account details using a four digit pin. Once logged into the system they can view balances, manage accounts and make payments.

Although no banking details are stored on the phone itself, users must call ANZ if their phone is lost or stolen, so that the goMoney application can be cancelled.

One of the key differentiators of the goMoney application is the system’s ability to pluck a mobile phone number from the iPhone address book and make an instant payment of up to $1,000.

If the recipient is also a goMoney user the funds will automatically be credited to their ANZ account. If not then a message will be sent to the recipient’s phone saying a payment has been made.

The payer will be sent a claim code, which they then need to provide to the recipient. The recipient has seven days to access a web site, input their phone number, the claim code, the amount being paid, their account name, and BSB and account number (of any bank) and the money will then be credited to their account.

After seven days if not claimed, the funds are returned to the payer’s account.