Like most apps of its kind, ANZ Mobile Pay allows a phone to be used for contactless payments just as if it were a contactless card.
Being an ANZ product, it also allows contactless cash withdrawals at the bank's contactless-enabled ATMs.
The associated card's PIN is required for transactions over $100, but beware - some payment terminals require the insertion of a chip card for such payments.
Wake to Pay - if the screen is on, the phone can be tapped on a terminal to make a transaction;
Launch to Pay - the app has to be running before the phone is tapped; or
Passcode to Pay - the app has to be running and the passcode entered before payment can be made.
The app does support a relatively wide range of cards: ANZ Visa and American Express credit cards, and ANZ Visa Debit cards. Corporate cards can be used, providing the company concerned has authorised the use Mobile Pay. A full list of supported cards can be found here.
In contrast, the NAB Pay app launched last month only works with NAB Visa Debit cards.
Both banks plan to expand the range of supported cards.
ANZ Mobile Pay requires a phone with NFC capability, running Android 4.4 (KitKat) or later, and that has not been rooted.