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ANZ And Visa To Introduce Chip Revolution

Tuesday 24 July
ANZ And Visa To Introduce Chip Technology Revolution

ANZ, EFTPOS New Zealand Ltd and Visa today announced a strategic program to convert ANZ's credit card technology to chip and launch a new secure Internet shopping system.

As part of the multi-year program, ANZ will be the first bank to:

* convert its merchant terminals to chip-enabled 'eklick' terminals that support the Europay Mastercard Visa (EMV) standard for secure transactions at point of sale. (EFTPOS New Zealand, a wholly-owned subsidiary of ANZ, has 40% of the New Zealand terminal market).
* launch Visa 3-D Secure - a new, more secure technology designed to protect cardholders and merchants from Internet-related fraud.
* Introduce multi-application chip credit cards.

ANZ Cards General Manager, Ian Colley, said the programme establishes ANZ as the first bank in Australasia to implement chip technology as a key platform for the future.

"This programme is exciting for both our cardholders and merchant customers as it is the first substantial commitment to chip technology in this part of the world," Mr Colley said.

"It means cardholders will be able to shop with much more confidence on the Internet . Merchants using the new 'eklick' terminal will also benefit from additional chip functionality, such as loyalty and couponing. In addition EMV's added security will benefit merchants through chargeback protection.

"The development of the chip card and terminal has benefited from the strategic partnership between the Bank and EFTPOS New Zealand, which ANZ bought just over one year ago. This initiative, like the fact that ANZ is the country's largest Internet bank, demonstrates that our goal of becoming an 'e-bank with a human face' is now delivering tangible and valuable services to customers."

Executive Vice President, Visa International Australia and New Zealand, Mr Gordon Wheaton said the move by ANZ was an important step in laying the foundation for the full rollout of chip based cards in Australia and New Zealand.

"Once this infrastructure is in place it removes one of the most significant barriers to the introduction of chip based cards for Australian and New Zealand cardholders," said Mr Wheaton.

"Importantly, this initiative also means ANZ will be able provide customers with the same confidence of shopping on the Internet as they currently have in the real world.

"The program should therefore be seen as one of the most significant developments in the Australian and New Zealand credit card markets in recent years," he said.


About Visa Authenticated Payment and 3-D Secure

The Visa Authenticated Payment service includes a new authentication technology protocol, 3-D Secure, to provide the basis for a global, open, interoperability standard for Internet transactions, mobile commerce and chip based environments.

The Visa Authenticated Payment program is designed to increase consumer confidence by confirming the identity of both buyer and sellers conducting financial transactions on the Internet. Each transaction will be identified and authenticated with ways that are unique to each cardholder, thus bringing the experience closer to the physical world. With increased consumer confidence, merchants will also benefit through higher business volume and profitability. The program has the involvement of more than 60 of the world's top Internet solutions providers.

Visa Authenticated Payment is currently being implemented by Visa regions and banks in the United States, Singapore, Korea, Japan, Taiwan, Hong Kong, Canada, and EU have pilot programs underway.


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