ANZ Banking Group Ltd will issue Visa payWave

Small payments can be made without handing in a personal identification number or affixing a signature. In Australia ANZ Banking Group Ltd and card provider Visa are offering a new payment card.

When making purchases within the amount that doesn’t exceed $35, a user can carry out a transaction just by holding the card within five centimeters of a contactless card reader.

The card known as ANZ Stadium Visa payWave is planned to be introduced at ANZ Stadium in Sydney for use during the Bledisloe Cup on July 26. The card will be initially offered to 2,000 stadium members.

The structure of the payWave-enabled cards is as follows. There is an antenna and computer chip embedded in the card that securely transmits payment instructions to and from a specially adapted card terminal.

The card is always at a user’s hand so he/she can keep full control of it while reducing the risk of fraud.

Customers can reload the card by means of BPAY over the Internet or phone banking. Besides, there is a magnetic stripe on the card. Thus it can be used as a Visa prepaid card for merchant outlets outside of ANZ Stadium.