Visa Debit – the payment card for today’s world

MEDIA RELEASE

Visa Debit – the payment card for today’s world

Auckland, 6 May 2009 –

With 1.4 million1 New Zealanders regularly shopping online, the launch of Visa Debit provides a responsible and convenient new way to pay. A Visa Debit card enables consumers to pay for goods and services using their own money wherever EFTPOS is accepted, as well as for online and over the phone purchases and at merchants and ATMs overseas.

Sean Preston, Visa’s New Zealand Country Manager, says, “New Zealanders are realizing the benefits of owning a Visa Debit card and are finding cash, cheques or their EFTPOS cards don’t have all the capabilities needed to suit today’s lifestyle.

“Nowadays people need a payment method that allows them to spend their own money in the virtual as well as the physical world, at home in New Zealand and overseas.” And with a recent AC Nielsen study showing the percentage of online shoppers is now at its highest ever (45 percent of the population 18 years and over is shopping online), many people will welcome the opportunity to pay for things using money from their everyday bank account, rather than a line of credit.

“This research shows that Kiwis are using the internet to shop wisely in the challenging economy, with many citing “better prices” and “better deals” as their main motive for turning to the internet2,” said Mr Preston. “With this focus on money management, Visa Debit is a particularly appealing offer for those looking to stay in control of what they spend when times are tough.”

A recent study conducted by Visa in Australia showed nearly two thirds (64 percent) of EFTPOS users surveyed admitted to being frustrated at not being able to use their EFTPOS card online, over the phone or overseas. Some 77 percent of respondents said they had upgraded from EFTPOS to Visa Debit because it didn’t have the utility required for their modern lifestyle3. 1 Nielsen Online Retail Monitor, Quarterly Edition, NZ Market, Q4 2008. 2 Nielsen Online Retail Monitor, Quarterly Edition, NZ Market, Q4 2008. 3 The survey was commissioned by Visa in March 2009, and conducted by Pure Profile with 1,000 respondents from across Australia. Visa Debit is designed for everyday purchases – whether topping up your mobile phone or Trade Me account, buying stuff online, shopping at the supermarket, dining out or filling the car with petrol. It can also be used for overseas transactions at more than 30 million merchant outlets, or to withdraw cash from 1.4 million ATMs in more than 170 countries.

Sean Preston says Visa Debit is proving popular in New Zealand, just like it is in markets where Visa Debit is well established. “Internationally debit cards represent more than half (53 percent) of Visa’s total payments transactions worldwide4. Visa Debit is now the most used consumer payment card in the world.”

At the end of December 2008, there were 905 million Visa Debit cards issued globally, up from 795 million in the previous year5.

Visa Debit customers also have access to Visa services such as global customer assistance, Zero Liability to protect against unauthorised transactions and Visa Entertainment for live music, theatre and entertainment offers.

A number of financial institutions including Westpac, Kiwibank and ASB now offer Visa Debit cards.

ENDS

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