The National Australia Bank Ltd (ASX: NAB) share price has continued its positive run and is up over 1% to $26.11 this afternoon.
This means the banking giant’s shares are now up over 9% since the start of the week.
Whilst this strong gain has been triggered by a favourable election result and APRA’s decision to scrap a key mortgage rule, a bit of company news may also have given its shares a little boost.
That news is that NAB has become the third big four bank after Australia and New Zealand Banking Group (ASX: ANZ) and Commonwealth Bank of Australia (ASX: CBA) to offer Apple Pay to its personal and business customers.
What is Apple Pay?
Apple Pay provides consumers with an easy, secure, and private way to pay for items using their iPhone, Apple Watch, iPad, or Mac.
Whilst many readers may have concerns over security, it is worth noting that using Apple Pay is arguably safer than carrying a physical card around.
NAB’s release explains that: “Security and privacy is at the core of Apple Pay. When you use a credit or debit card with Apple Pay, the actual card numbers are not stored on the device, nor on Apple servers. Instead, a unique Device Account Number is assigned, encrypted and securely stored in the Secure Element on your device. Each transaction is authorized with a one-time unique dynamic security code.”
Furthermore, users must use either Touch ID or Facial ID to authorise the payment.
NAB’s chief customer experience officer, Rachel Slade, stated that it made the move in response to demand from its customers and its focus on technology and digital services.
She said: “We’ve been hearing from customers that they want Apple Pay and it’s great to be able to launch this service today. We’re continuing to listen to customer feedback and take action to become the bank our customers want. As part of our transformation we are investing significantly in our technology and digital services to support our customers to manage their money how they choose.”
Westpac Banking Corp (ASX: WBC) is now the only big four bank not offering Apple Pay to its customers.
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James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Apple. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool Australia owns shares of National Australia Bank Limited. The Motley Fool Australia has recommended Apple. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.