ANZ – goMoney iPhone app

ANZ has just launched its new GoMoney iPhone app, which allows users to transfer funds to anyone with a mobile number. Although the app has been available for a few days, it was formally launched yesterday and reportedly has over 30,000 registered users.

Telsyte research director Foad Fadaghi says these micro and mobile payments are becoming much more popular, but it will be initially difficult to start convincing customers to use them.

“The challenge is the level of trust needed from the consumer or the business moving into this space. However, with a significant bank moving into the market, it could provide users with confidence, and I think that’s a good move,” he says.

The mobile payments scene has been one of the hottest trends in IT over the past year. A range of new start-ups and established companies are attempting to make commerce easier by swapping money on smartphones.

Just last month, payment company PayPal said it will be pushing into mobile technology in a significant way, with its app already receiving constant updates and tweaks. Its newest feature allows users to physically “bump” their phones together in order to send payments.

Laura Chambers, the Australian-born senior director of PayPal mobile, said on the company’s blog earlier this year “we expect to close out the year with over half a billion dollars of mobile payment volume”.

One of the biggest pioneers in this area has been Square, the American start-up founded by Twitter co-creator Jack Dorsey. Although it’s had some difficulties in getting hardware off the ground, the system allows sole traders and small businesses to accept credit card payments through iPhones on the spot.

In Australia, companies like Mint Wireless are heavily promoting the use of mobile payments, while early in 2009 a trial of contactless mobile phone payments conducted by NAB, Telstra and Visa found 95% of testers would use wireless payment technology.

That particular type of technology uses a software application included in a SIM card, which is then waved over a Visa PayWave reader, which are already available in many stores. A similar venture is being explored in New York by the Bank of America.

Now, ANZ says it wants to keep moving forward with mobile payments. The new GoMoney app, which is free, allows ANZ customers to handle their banking facilities – including the ability to send money to anyone with a mobile number.

When a non-ANZ customer receives a transaction request, all they have to do is sign up at a website and they can then receive their money. Group managing director of strategy Joyce Phillips said in a statement the new app is all about focussing on the new technology customers are using.

“ANZ GoMoney is a result of a renewed focus on innovation to help us continue delivering convenient and simple solutions to our customers.”

“People are continuing to change and evolve the way they interact with their bank and as a result we also have to think differently about our business and about the customer experience we deliver. ANZ GoMoney is one example of how we can use innovation to deliver a new a customer experience and get ahead of the game.”

(Excerpt from

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