‘Bankcard’ is coming to N.Z.

Press, 11 August 1979, Page 18

‘Bankcard’ is coming to N.Z.

NZPA Sydney “Bankcard’’ will make its first move out of Australia later this year in a link-up with the New Zealand “Bankcard” scheme. Three Australian-based banks — the Bank of New South Wales, the Australia and New Zealand Banking Group and the Commercial Bank of Australia, have been advising their New Zealand customers of the proposed New Zealand credit card

system, which they hope to launch before Christmas. Australian “Bankcard” holders will be able to use their card in New Zealand, and New Zealand travellers can use theirs in Australia.

The proposed arrangements between the Australian and New Zealand “Bankcard” credit systems have received Reserve Bank approval, in principle. About 200,000 Australians visit New Zealand each year,

but just how useful the arrangement will be to them will depend on the number of merchants that the banks in New Zealand are able to sign-up. More than 85,000 merchants accept “Bankcard” in Australia. The computerised accounts processing will be handled in New Zealand by Databank Systems, a company which has been established for some time to handle interbank transactions. The three banks have

established a new company, New Zealand Bankcard Associates, Ltd, which will be involved in signing-up merchants. Bankcard’s chief executive (Mr R. J. Pitman) said that the banks were confident the facility , would be sought by a large number of New Zealanders. There are more than 2M “Bankcards” on issue, and in 1978-79 they were used' to buy goods and services and obtain cash advances for a total of SI7OOM.