Payment flexibility and financial well-being can go hand in hand


The pandemic has accelerated this trend with a series of indicators pointing to weaker demand for cash for transactions, including a decline in cash withdrawals from ATMs and subdued demand for low-denomination banknotes, said the RBA.

At ANZ, we see many of the same trends in our data. Card spending through the digital wallet is up 75% so far in 2022 compared to the same period in 2021 – but it’s more than quadrupled compared to the same period before COVID 2019.

It’s all well and good for customers to have more ways to pay for goods and services, but we don’t want greater payment flexibility to lead to poorer bottom lines. At ANZ, we are committed to improving the financial well-being of our customers.

“Customers can choose the repayment term to best manage their cash flow, tapping into a payment solution whenever they need it.”

Financial well-being

This commitment is at the heart of our raison d’être as a bank and has been integrated into every level of our strategy. Financial wellness is not something we talk about and then put on the top shelf. It is always present and guides everything we do, from serving our customers to designing new products and services.

A great example of helping our customers make payments in a financially responsible way and get the most out of their money is our recent launch of installment plans for credit card customers and the introduction of Cashrewards in the ANZ app. .

Customers have told us they would like more flexibility and control over how they manage their money, looking for self-service solutions that they can easily manage in one place – their ANZ app.

ANZ Installment Plans are a simple money management tool that offers flexibility and allows eligible credit card customers to convert some or all of their current shopping balance to an Installment Plan and repay it in smaller monthly installments.

Eligible customers can request the repayment term to best manage their cash flow, tapping into a payout solution whenever they need it. They can choose between a three, six or 12 month plan.

Installment plans also allow customers to continue enjoying the credit card benefits they’re used to, including rewards points, insurance, and fraud protection.

Whether it’s paying an unexpected bill like home or dental repairs or making a big purchase like a new fridge or vacation, with ANZ Installment Plans customers can pay it off little by little on their debit cards. credit by requesting a repayment term that best suits. their needs.

Installment plans for credit card balances, however, are just the start. We will continue to expand functionality with upcoming enhancements later this fiscal year that will allow customers to use Installment Plans for individual purchases and point-of-sale transactions in-store and online with our partner VISA.

Reward customers

It’s not just flexibility and control that customers are looking for, it’s also rewards. With that in mind, we’ve also added one of Australia’s leading cashback programs Cashrewards in the ANZ app.

We know our customers are looking for ways to increase their savings and with Cashrewards they can receive a flexible and tangible reward for their spending.

In line with our goal of financial well-being, Cashrewards cashback offers help customers get the most out of their money by getting a portion of their expenses back in cash, in cash that they can withdraw directly.

We’re excited to help customers discover new businesses and brands while unlocking more value in their purchases. With over 2000 merchants and counting, Cashrewards is a win for participating merchants and our cardholders.

Integrating installment plans and Cashrewards into the ANZ app helps our customers improve their financial well-being and get the most out of your money with simple cash flow management tools.

Giving customers more flexibility and choice while improving their bottom line sounds like a compelling proposition.

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Elaine R. Knight