Westpac Launches Westpac World MasterCard

MEDIA RELEASE
April 08, 2014

Westpac Launches Westpac World MasterCard®, MasterCard’s Most Premium Credit Card Product in New Zealand

Exclusive partnership with MasterCard® to offer unrivalled travel and lifestyle customer benefits to high net-worth individuals

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New Zealand, 8 April 2014 – Westpac New Zealand has today launched Westpac World MasterCard –MasterCard’s most premium credit card product in the New Zealand market. This super premium credit card is exclusively designed for high net-worth travellers and offers unrivalled travel and lifestyle customer benefits.

The first of its kind in New Zealand, the Westpac World MasterCard offers Westpac’s highest rewards earn rate of three hotpoints per dollar spent and exclusive travel and lifestyle benefits. These range from airport lounge access no matter what class of ticket you’re on, to an extensive concierge service.

MasterCard World’s privileged access programme provides Westpac cardholders with a set of unique benefits that have been curated around the passion points of premium customers, and which provide everything from hotel and car rental upgrades to bespoke travel arrangements and access to fine dining and lifestyle experiences.

Westpac’s Chief Product Officer Shane Howell says that New Zealanders have never before had access to a credit card with such a range of premium benefits. He says that Westpac’s five year partnership with MasterCard will provide rich offerings and market leading payment solutions that are driven by customer demand.

“There are two things that our customers are telling us they want from their cards – more features and faster, safer and easier ways to make payments. MasterCard is a global leader in this space and we’re working with them to bring a number of these innovations to New Zealand,” Mr Howell said.

“The Westpac World MasterCard is the first step in delivering that. Our research shows current cards are not meeting the needs and expectations of high net-worth Kiwi travellers. Offerings are too generic and outdated and they’re after more than just a credit card.”

Since 2011 New Zealand has had double digit growth in its number of high net worth individuals*, with around 29 percent of Kiwis now considered affluent**.

MasterCard New Zealand Country Manager, Peter Chisnall says MasterCard is delighted to be partnering with Westpac to provide New Zealanders with World MasterCard.

“World MasterCard is our pinnacle product for MasterCard customers. Over the past few years, we have seen continued growth in demand for super premium credit cards in the region, and we’re pleased to be able to assist Westpac in offering their customers this premium product.”

The Westpac World MasterCard, which is positioned above current platinum products in the New Zealand market, includes the following exclusive benefits:

• Triple Earning Power – get rewarded sooner and more often with Westpac's highest earn rate of three hotpoints per dollar.
• Priority Pass airport lounge access to over 600 airport lounges in 300 cities throughout 100 countries, regardless of the class of travel or airline you’re flying.
• On-Call Concierge Service – full access to Westpac World MasterCard concierge service on call to arrange everything from restaurant to taxi bookings. The Home Assist service is also available 24 hours a day to arrange tradespeople when you need it most.
• Complimentary Travel Insurance for up to 120 days per trip.
• Extended Warranty Insurance – get covered for longer with an extension of up to 12 months on the manufacturer's New Zealand warranty on goods purchased in full with your Westpac World MasterCard.
• Purchase Protection Insurance – when you pay for any purchase in full on your Westpac World MasterCard, it could be covered for its replacement value for up to 90 days if it's lost, stolen or accidentally damaged.
• Hotel & Car Rental Upgrades – complimentary Gold status upgrades at participating Starwood hotels and resorts, complimentary Hertz Gold membership and priority queues.

Westpac World MasterCard cardholders also have access to up to 44 days’ interest free credit and MasterCard PayPass ‘tap & go’ contactless technology, which will be enhanced as contactless technology continues to evolve.

Additional new payment features currently being trialled by Westpac and MasterCard are planned for release later this year. Other features are also planned through integration with Westpac’s new fully responsive online banking platform.

For more information on the benefits of the Westpac World MasterCard please visit Westpac.co.nz orMastercard.co.nz/world.

*Capgemini World Wealth Report 2013
**IMF WEO, CEIC, UN, National income and expenditure survey, using real 2010 prices

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About MasterCard
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter@MasterCardNews, @MasterCardNZ, join the discussion on the Cashless Pioneers Blog and subscribefor the latest news on the Engagement Bureau

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