ANZ upgrades credit cards to chip technology - News - Business

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This story was printed from ZDNet Australia.
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ANZ upgrades credit cards to chip technology

By Rachel Lebihan, ZDNet Australia
November 01, 2001
URL: http://www.zdnet.com.au/news/business/soa/ANZ-upgrades-credit-cards-to-chip-technology/0,139023166,120261619,00.htm

The ANZ Banking Group has launched the country's first multi-application chip credit card system, which the bank claims will provide greater protection against credit card fraud and eventually enable customers to manage their chip card at personalised Web portals.

As part of a AU$50 million investment in new chip technology, the one million ANZ-branded credit card upgrade will be supported by the replacement of 80,000 merchant terminals to MultiPOS chip-enabled terminals.

In addition to the standard features of ANZ First and ANZ Gold cards the new chip credit card includes a secure online shopping guarantee using Verified by Visa -- a new authentication technology protocol that confirms the identity of both buyer and sellers transacting online.

"With rising credit card fraud, the chip also means it will be harder for criminals to counterfeit ANZ's credit cards, and Verified by Visa will provide added security for online shopping," ANZ MD, Cards and e-Payments, Brian Hartzer said in a statement.

The chip credit card is also loaded with ANZ eVouchers, providing exclusive offers and instant rewards at selected stores for cardholders.

ANZ is also building a personalised Web portal for customers for online card management. Expected to launch by the end of 2001 and integrated with ANZ Net Banking, the Web site will feature Verified by Visa, a shopping mall and the ability to order a free chip card reader.

Cardholders can also choose to shop online via a chip card reader connected to their PC.

"The chip will enable us to continually enhance the benefits the card provides through features such as a personalised Web portal, while the flexibility of the MultiPOS terminal will enable retailers to participate in point-of-sale offers from ANZ and even potentially offer their own card-based loyalty programs to customers," Hartzer said.

For retailers, the new MultiPOS terminals are smaller, quieter and faster than existing EFTPOS terminals, the bank claims.

"By upgrading customer cards and replacing terminals we are putting in place the foundation for the broad-based introduction of chip cards in Australia, capable of evolving over time to deliver services from banking to mass-transit," Hartzer said.

Replacement of the majority of ANZ-branded Visa cards and merchant terminals is expected to be complete by September 2002.

Applications for an ANZ First chip credit card can be made online at www.anz.com/first.