Google Wallet Now Supports ‘Least Cost Routing’

Today we’ve launched support for dual network debit cards in Google Wallet, as part of what is referred to as ‘least cost routing’. Retailers will now be able to choose to send customers’ tap and pay payments made with Google Wallet to either the eftpos network run by Australian Payments Plus, or to the international network. Having the choice to route the transaction to the lowest-cost network means businesses can now save on transaction fees.

What is Least Cost Routing?

Least cost routing is a system that allows merchants to choose the most cost-effective payment network for debit card transactions. The RBA found that merchants with least-cost routing enabled have almost 20 per cent lower costs on debit card transactions, compared to those without it.

How will this work for people using Google Wallet?

With this new update, when you make contactless payments using Google Wallet with a dual network debit card, you’ll have the choice to select your preferred network. A dual network debit card is one that allows payments to be processed via either the eftpos or international networks. This means that merchants can save on transaction fees.

Here's what it means for consumers:

• More choice: When you pay with your eftpos co-badged debit card in Google Wallet, you'll have the option to choose which network you want to use, whether it be eftpos, Visa Debit, Debit Mastercard or the merchant’s preferred network.
• Seamless experience: If you don't have a preference, simply tap to pay as usual.

When Will This Be Available?

This feature has been rolled out to Australian Google Wallet users with an ANZ or Suncorp Bank dual network debit card added in the Google Wallet app, and we’ll continue to work with other banks to expand this functionality to their cards over time.

This update is all about giving retailers and consumers more choice and control over their payments. We're excited to be part of this change and will continue to work with our partners including Australian Payments Plus, banks and the RBA to bring these benefits to even more Australians.

Notes: - The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.