The Australia and New Zealand Banking Group Ltd., commonly called ANZ, announced the launch of a new app enabling merchants to process EFTPOS payments using both iPhone and Android smartphones.

ANZ said in a press release that FastPay has already enabled thousands of small businesses to accept Visa and MasterCard credit and debit card payments anytime, anywhere using their smartphones. This capability has now been extended to EFTPOS transactions via a new, updated ANZ FastPay app. A new card reader also is being introduced, meaning that the merchant can swipe or insert customers' cards to process transactions, according to the announcement.

The upgrade to ANZ's FastPay app comes after ANZ last year became the first New Zealand bank to offer mobile products for all types of customers, from individuals and small businesses to large institutional clients.

“Our new app means entering payments is now even easier and faster, further boosting businesses' ability to manage their all-important cash flow," said Fred Ohlsson, ANZ managing director of retail and business banking. "This innovation is another example of how we’re listening to customers and delivering solutions that meet their changing needs."