ANZ launches chip credit card

If ANZ Bank and Eftpos New Zealand's new chip credit card, Zed, is taken up widely, it could be an opportunity for third-party developers, Eftpos New Zealand director Peter Marshall says.

If ANZ Bank and Eftpos New Zealand's new chip credit card, Zed, is taken up widely, it could be an opportunity for third-party developers, Eftpos New Zealand director Peter Marshall says.

"It is the foundation for us to build an open network and open up the banking network for other players to come in."

Zed's chip technology is the third generation of credit card technology, he says, with the first two being imprints and magnetic strips.

He envisages public transport operators and cinema chains being potential third-party users, with cardholders able to load up their accounts and use their card to pay for bus and film tickets.

"With Zed, it will be possible to facilitate multiple transactions, not just banking transactions."

Ultimately, chips will replace magnetic strips for security reasons, the bank says, but in the short term, Zed will have both a chip and and a strip, enabling it to be used at ATMs.

The Zed card will be processed at Eftpos New Zealand eklick terminals.

Installation of the eklicks begins next week and as many as 30,000 are planned for installation, with 3000 already pre-sold.

ANZ perhaps feels the technology isn't the main selling point for Zed yet -- it is offering lower interest rates on Zed cards than for its other cards for six months.

The cards will operate under Visa's Verified by Visa online security scheme.

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