Useful links:
Intl News | Intl Press Releases | sQuid schemes - Intl

eMoney News

Interest-free period used to boost contactless smart card take-up
3 Aug 2011

GE Capital is offering consumers in New Zealand a six-month period of interest-free use in a bid to entice more people to sign up for a Near Field Communication (NFC)-enable credit card.

The Visa Gem is the first product in the country to offer the operator's payWave system, which allows people to tap their card on a reader to pay for items up to a value of NZ$80 (£42.30).

Aaron Baxter, managing director of GE Capital NZ, pointed out that there are many consumers around who are feeling particularly money conscious, making the deal attractive for those who want to enjoy free credit.

"We believe the six months interest-free offer adds significant value to consumers, allowing them greater flexibility to manage their money at a time when the country is in recovery," he added.

Last week, ABI Research research analyst for autoID and smart cards Phil Sealy claimed that Europay, MasterCard and Visa options offer banks increased security over mag-stripe cards.