Tuesday, 22 July 2008

1st Reloadable, Contactless Card Launched in Australia

ANZ and Visa have officially unveiled the first reloadable, prepaid contactless card in Australia.

The new ANZ Stadium Visa payWave card will be launched at the ANZ Stadium in Sydney where it will be offered initially to 2,000 ANZ Stadium members for use during the Bledisloe Cup on 26 July.

The card uses technology that allows customers to make payments for transactions under the value of 35 dollars without the need for a PIN or signature but by holding their card within five centimetres of a contactless reader.

“The Visa payWave solution is about providing our customers with more convenient payment options that are both fast and simple. This is a unique opportunity to offer customers an alternative to cash, particularly for small value transactions,” said John Harries, ANZ Managing Director Consumer Finance.

The Visa payWave-enabled cards carry an antenna and computer chip embedded in the card which securely transmits payment instructions to and from a specially adapted card terminal. The cardholder keeps control of the card throughout the transaction to reduce the risk of fraud. The card can be reloaded with funds using BPAY via internet or phone banking and has a magnetic stripe so it can be used as a Visa prepaid card for merchant outlets outside of ANZ Stadium.

“Contactless payments are proving highly popular overseas because they meet the fundamental consumer and merchant need for speed in places such as convenience stores, sporting venues and fast food restaurants,” said Chris Clark, Visa’s General Manager for Australia and New Zealand.

“An average Visa payWave transaction can be completed in four to six seconds including printing of the receipt, less than half the time of a cash transaction which averages 12 to 14 seconds. We consider Visa payWave an important part of Visa’s long term strategy for Australia.”

To mark the launch of the ANZ Stadium Visa payWave card, Visa plans to load the cards with 25 dollars to allow cardholders to purchase food and beverages at selected terminals within the members’ areas.