Australian bank ANZ and Visa have launched a multi-year partnership programme to convert ANZ's credit card technology to chip and launch a new secure Internet shopping system.
Under the programme, ANZ will convert its merchant terminals to chip-enabled, MultiPOS terminals that support the Europay Mastercard Visa (EMV) standard for secure transactions at point of sale.
The bank also plans to launch Visa 3-D Secure - a new, more secure technology designed to protect cardholders and merchants from Internet-related fraud.
Brian Hartzer, managing director cards and e-payments, ANZ, says the programme establishes ANZ as the first bank in Australasia to implement chip technology as a key platform for the future.
"Cardholders will be able to shop with much more confidence on the Internet. Merchants using the new MultiPOS terminal will benefit from additional chip functionality and EMV’s added security and charge-back protection as it rolls out globally," he adds.
Gordon Wheaton, executive vice-president, Visa International Australia and New Zealand, describes the move by ANZ as an important step in laying the foundation for the full roll-out of chip-based cards in Australia over the coming years.
"Once this infrastructure is in place it removes one of the most significant barriers to the introduction of chip-based cards for Australian and New Zealand cardholders," he says.