Westpac to launch zero-interest digital card with young consumers in focus


FILE PHOTO: An office building with Westpac logo is seen amidst the easing of the coronavirus disease (COVID-19) restrictions in the Central Business District of Sydney, Australia, June 3, 2020. REUTERS/Loren Elliott

(Reuters) - Westpac Banking Corp said on Wednesday it would launch a digital credit card this year that would offer zero interest and be aimed primarily at young customers who are seeking the convenience of fast and efficient payment services.

Australia's second-largest lender said customers can apply for the card, called Flex, online or through its mobile banking app, and would be given access to A$1,000 ($748.50) of credit with no interest on purchases and no late payment fees.

The move comes as contactless payments have gained in popularity in recent years, especially among young consumers who are tech savvy and rely on the internet for most of their purchases.

"Consumer research shows that younger Australians are less likely to use a traditional credit card, compared to older generations," Westpac's Chief Executive Consumer and Business Banking, Chris de Bruin said.

Westpac earlier in the year partnered with buy-now-pay-later giant Afterpay Ltd for a banking application that would allow users to deposit their salaries in saving accounts.

($1 = 1.3360 Australian dollars)

(Reporting by Sameer Manekar in Bengaluru; Editing by Anil D'Silva)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

   

Next In Tech News

Bitcoin network computing power nears pre-China-crackdown record
JPJ site crashes as motorists scramble to pay summons at 80% discount
Toshiba investors fret over lack of clarity surrounding vote on breakup plan
Tech firms say EU rules should ensure they are regulated in their bases
Hackers make some Vestas' data public after ransomware attack
Why global tech turns to Indian talent
Italy fines Amazon record $1.3 billion for abuse of market dominance
Lyft pushes back staff’s return to office until 2023 at earliest
Trucks catch up in the self-driving vehicle race
Blue Origin flight with Alan Shepard daughter delayed by weather

Others Also Read


Vouchers