The bank today announced it will roll-out in 2015 an EMV secure ‘Tap&PIN” solution that reads card data without having to insert the card in the reader, and will introduce the technology to its ATMs throughout the year.
According to the bank, the new technology will give it the “world-first EMV secure” ATM as it launches these latest initiatives against a backdrop of data showing that counterfeit card fraud costs the industry around $25 million a year in Australia, with global losses estimated to exceed $1.4 billion.
ANZ CEO Australia Philip Chronican said the bank was working with ATM manufacturer NCR and Visa to roll-out the EMV secure ‘Tap &PIN’ solution.
“Counterfeit card fraud is a massive issue for the industry and law enforcement that causes significant inconvenience for customers. ANZ’s ‘Tap & PIN’ solution is a global first and will go a long way in the fight against card skimmers and to make banking safer and easier.”
Chronican says the ATM technology will, in future, also enable Near Field Communication (NFC) for authentication and pre-staging transactions at ATMs, using a mobile phone or other portable devices, allowing customers to pre-program their mobile device with the value and denomination for the cash they want to withdraw.
The ANZ has also announced it will launch an “innovative” EMV and PCI compliant card reader device for ANZ FastPay that connects through the audio-jack port in an iOS or Android device.
Developed in partnership with mobile payments vendor thumbzup.com, the device will be available in the first half of 2015.
According to Chronican, the device meets all industry security standards and features an innovative, secure PIN entry method that allows ANZ’s business customers to process credit or debit cards quickly and securely on a mobile device.
“This is the most secure way to process mobile payments and is in direct response to feedback from our business customers who told us they wanted a more convenient way to enter card details.
“I’m pleased we’ve been able to bring this innovative, simple and easy-to-use mobile point-of-sale solution to the market which enables customers to accept both credit and debit payments using PIN on their preferred mobile device.”
The third arm of the ANZ’s announcement today involves the launch of its ‘mobile wallet’ solution early next year.
The mobile wallet uses NFC technology to provide bank customers with a contactless mobile phone payments system. Customers can securely transfer and store a single ANZ card or multiple ANZ cards on their phone and use those cards to transact at contactless terminals.
“Customers have openly embraced ‘pay wave’, with around 74% of all debit card transactions currently taking place using this technology. This solution provides our customers with another convenient way to make purchases via their mobile device, wherever contactless cards are accepted.”
Chronican said these latest announcements coincide with the bank’s two-year anniversary of its five-year, $1.5 billion Banking on Australia investment program, designed to make it easier for customers to bank with ANZ.