Further Woolies' Domination On The Credit Cards
The Age
Wednesday August 27, 2008
WOOLWORTHS is trying to consolidate its position as the nation's leading grocer by launching a credit card that will reward customers for shopping with the company.
The card, the first major offering of the company's Everyday Money division, makes Woolworths the first Australian retailer to launch a general purpose credit card.The card, offered in partnership with Mastercard and HSBC, can be used as a "contactless" card for retailers with a reading device, and will allow for a personal identification number as a security measure. The features are expected to reduce average transaction times by at least 12seconds.The cards, available from September 1, follows the roll-out of Woolworths' "payment switch", the back-end payment processing system. The company said it processed about 114million credit card payments annually, but the percentage of customers using credit or debit cards had remained staticat about 48% for severalyears.The company has not publicly revealed take-up targets. -- ARI SHARP
© 2008 The Age
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