ANZ to 'wait and see' over credit card replacement

ANZ has refused to commit to a timeframe on replacing credit cards with contactless mobile payments.

ANZ has declined to be drawn on whether it will roll out mobile phone payments as a long-term replacement for credit cards, but insisted a four-week trial scheme had proven largely successful.

In a statement published today (June 29th), ANZ and Visa revealed the technology had proven popular among shoppers, with 90 per cent of individuals taking part preferring the experience to more traditional methods of payment.

"We've learnt a great deal from the participants," said the bank's consumer cards product management chief Sam Qubrosi. "The pilot confirmed there is strong customer demand for this type of technology."

Visa's Australian manager Vipin Kaira claimed shoppers had found mobile transactions to be "convenient and easy" and expressed confidence that such devices would establish themselves as a major force in the consumer market.

Last month, retail chain Woolworths signalled its intention to roll out contactless payment services across all of its brands as part of an effort to make the process of purchasing easier for its customers.

By Joe Letts