On June 26, CBA CEO Ralph Norris addressed the fifth international consumer credit card summit on the current state of the credit card industry. ……..
A large proportion of our base already has EMV chip functionality and we expect that virtually all of our cards will have that functionality by the end of 2009. This month the industry has successfully implemented the PIN at POS program.
Over time we expect to reach a point where signature is no longer used. In relation to product features we're already well on the way to producing new and meaningfully different card products and services to support the Commonwealth Bank customer base.
Our leadership in contactless payment is just one example. We now have over half a million MasterCard PayPass cards on issue and our pilot program has provided us with confidence to move forward in expanding this to the mainstream, quick payment, merchant community. We've also trialled mobile phone contact as payment in the PayPass system which we see becoming an extension of our contactless products in due course.
…… In closing, despite the economic and regulatory environments, the future of credit cards in Australia and globally is well assured. Credit cards serve the needs of customers who want security and convenience to shop with the added functionality of managing their payments in a truly flexible manner. Credit cards do this better than any other alternative transaction or lending product.
KYC Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
