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NZ Commerce Commission announcement

NZ Commerce Commission announcement

Visa to defend the fundamentals of its payments system

Auckland, 10 November 2006 – Visa International’s Executive Vice President for Australia and New Zealand, Mr. Bruce Mansfield, said Visa would be defending its position following today’s announcement by the Commerce Commission.

Mr Mansfield said Visa International’s payment system delivers benefits to over a billion card holders worldwide, including close to two million in New Zealand, and its fundamentals would be defended.

“The Visa system has been operating successfully for over 30 years and has brought enormous economic and social benefits to consumers and merchants in all corners of the world.

“The move by the Commerce Commission is serious and disappointing. We will defend the system that continues to deliver major benefits to all New Zealanders,” Mr. Mansfield said

ends

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