Impact on Aussie credit unions from Woolworths effect 'is a concern'

Woolworths is having a concerning impact on credit unions in Australia, one newspaper suggests.

The impact that Woolworths is having on Aussie credit unions is concerning, according to one publication.

The Sydney Morning Herald states that the supermarket chain's decision to ban scheme debit transactions but not credit transactions is also impacting on consumers, as well as the card suppliers.

People are no longer able to select the credit option when they pay for goods at its stores, which forces people to use the Eftpos system.

And this "costs customers money and it has taken away customer choice at the checkout", the Herald noted.

The supermarket – which offers an Everyday Money credit card – announced on April 1st that all debit transactions would have to go through Eftpos the network rather than via MasterCard and Visa systems.

But people with credit cards should be aware after one Perth woman recently had $2,000 stolen from her bank account shortly after using her card at an Eftpos terminal in a restaurant, ABC Perth reported.

By Emma North