The new debit card works like an Eftpos card to draw funds directly from a customer’s transaction account, such as a cheque account.
The Westpac Airpoints debit MasterCard can be used online, over the phone and overseas, with customers earning one Airpoints dollarTM for every $250 spent on the card. Customers will also receive a free Westpac PayTag, the contactless payment sticker that allows customers to pay for items under $80.
The launch follows the highly successful introduction of four new Westpac Airpoints credit cards earlier this year which tens of thousands of Kiwis signed up for, including the country’s first Airpoints business credit card.
Shane Howell, chief product officer, said Westpac has disrupted the Kiwi card market and would continue to look for innovative ways to reward customers.
“Think Airpoints, think Westpac. We have the widest Airpoints offering in the market – four credit cards including an Airpoints business card, as well as a home loan and now the debit card,” he said.
“We have had excellent growth with the Airpoints program and we expect that to continue with the debit card where customers, who prefer to pay with their own money, can still earn rewards.”
Greg Harford, spokesman for Retail NZ, said the cost of accepting the cards would have an impact on retailers’ margins, profitability or prices.
Retailers are not pleased thought as they will induce increased vendor fees in comparison with transactions processed via Eftpos.