ANZ launches new mobile payment app

The Australia and New Zealand Banking Group (ANZ) has unveiled a new mobile payment app, ANZ FastPay, which allows merchants to process payments using their smartphones.

The Australia and New Zealand Banking Group (ANZ) has unveiled a new mobile payment app, ANZ FastPay, which allows merchants to process payments using their smartphones.

The payment solution, which is compatible with iPhone and Android platforms, allows firms to process Visa and MasterCard credit and debit card transactions instantly on the go.

ANZ FastPay has no setup fee and comes with a monthly fee of 3% on each transaction or a minimum of $15 per month.

ANZ retail and business banking managing director, Fred Ohlsson, said businesses want to spend their time making money, not chasing payment.

"This app is a real game changer which will make getting paid quicker and easier for a wide range of businesses, from plumbers and builders to mobile dog groomers. No longer will they have to chase up unpaid invoices when they can take payments on the run," Ohlsson added.

ANZ FastPay is available for download from the iTunes and the Google Play store.