TelstraClear will terminate its online credit card payment system for customers as of the end of January, according to public affairs manager Mathew Bolland.
"TelstraClear has reviewed the online payment market and the future value of Paysafe. Given that others have a core competency in this area and are developing services with added features we have decided to withdraw Paysafe from the market," says Bolland.
Paysafe was introduced three years ago at a time when, according to Bolland, credit card payment systems were scarce. Now that most banks offer such facilities, TelstraClear has decided to withdraw the service.
Bolland says around 120 commercial customers still use Paysafe and they will all be contacted directly to discuss the situation.
Customers are advised to contact their banks about a replacement system, however TelstraClear has also signed a one-off deal with the BNZ for any Paysafe customer that wishes to take it up.