MasterCard International has joined forces with BankWest, part of HBOS Australia, to launch the first MasterCard-branded debit card in Australia - the BankWest MasterCard Debit Card. This launch underscores the company's commitment to the card payments industry in Australia by expanding product offerings to cardholders.
The entry by MasterCard into this product category means the company now provides Australians with unsurpassed choice in payment and expense management tools, bolstering its already strong debit offerings under the Maestro and Cirrus brands, as well as a comprehensive range of credit card programs.
According to Leigh Clapham, senior vice president and general manager, Australasia, MasterCard International, the launch of the BankWest MasterCard Debit Card illustrates that MasterCard is listening to the call from Australian consumers for better deposit access products which give younger Australians and those who are credit averse, a payment card with the same functionality of a credit card, but without the debt.
"MasterCard has to date led the charge in collaboration with our member financial institutions to develop innovative products in every payments category. Our research told us that there was a thirst for this type of product in the marketplace. Our customers loved the convenience of the credit card but did not necessarily want the associated credit, so working with BankWest we have developed the perfect solution." added Mr Clapham.
"We have worked hard to establish ourselves in Australia and throughout the world as the market leader in debit programs through the Maestro and Cirrus brands. This launch enhances our already strong leadership position and will build on the more than 11 million Maestro and Cirrus cards already on issue domestically," added Mr Clapham.
Linked to a savings or cheque account, the BankWest MasterCard Debit Card allows customers to draw on their own funds to make purchases domestically and overseas as well as over the phone and the internet, offering significant advantages over ATM/EFTPOS cards. The BankWest MasterCard Debit Card has no application or domestic transaction fees, so cardholders can use their card for an unlimited number of local transactions without incurring additional charges.
Chris Whitehead, Retail Chief Executive, HBOS Australia said: "We are very pleased to collaborate with MasterCard to achieve the important milestone of launching the first MasterCard Debit Card in Australia. Our companies are well-matched as we both have a common goal of stimulating competition in the Australian banking industry by offering simple products that give consumers greater choice and a better banking deal."
"The fact that BankWest and MasterCard have come together to launch the first MasterCard Debit Card in Australia is reflective of our shared growth strategy. Like MasterCard, we are committed to strengthening our market position by offering Australians practical and competitive products that suit their needs and help them to manage their finances better."
The BankWest MasterCard Debit Card was available from 20 November.
