ANZ/Visa card loses contact
(23 July 2008 – Australia) ANZ and Visa have launched the first reloadable, prepaid contactless card in Australia.
The card uses new technology developed to take away the need for signature or pin verification on low value transactions.
The ANZ Visa card allows customers to make payments for transactions under the value of $35 without the need for a PIN or signature, by holding their card within five centimetres of a contactless reader.
The new ANZ Stadium Visa payWave card is so named because of its launch at the first Bledisloe Cup rugby union match of 2008 at ANZ Stadium in Sydney. Credit of $25 will be provided for 2000 cards at the launch to pay for food and beverages.
Visa’s general manager for Australia and New Zealand, Chris Clark said that the new card is designed to improve the customer experience at major events by reducing transaction times.
Clark also said that an average transaction with the new card can be completed in four to six seconds, less than half the time of a cash transaction which averages 12 to 14 seconds.
The new technology is part of Visa’s long term strategy in Australia.
The 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.
The ANZ Visa card allows customers to make payments for transactions under the value of $35 without the need for a PIN or signature, by holding their card within five centimetres of a contactless reader.
The new ANZ Stadium Visa payWave card is so named because of its launch at the first Bledisloe Cup rugby union match of 2008 at ANZ Stadium in Sydney. Credit of $25 will be provided for 2000 cards at the launch to pay for food and beverages.
Visa’s general manager for Australia and New Zealand, Chris Clark said that the new card is designed to improve the customer experience at major events by reducing transaction times.
Clark also said that an average transaction with the new card can be completed in four to six seconds, less than half the time of a cash transaction which averages 12 to 14 seconds.
The new technology is part of Visa’s long term strategy in Australia.
The 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.
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