westpac and erg

The following article (quite old!!!) could probably explain Westpac's investment in ERG.

Any thoughts?

ERG Teams With Australian Banks For All-In-One Smart Card 06/25/99
Newsbytes News Network, June 25, 1999
SYDNEY, AUSTRALIA, 1999 JUN 25 (NB) -- By Adam Creed, Newsbytes. Australian-based smart card solutions company ERG Group. [AUS:ERG] has joined with one of Australia's largest banking groups, the Westpac Group, to develop smart cards that combine payments, travel and ticketing.

The two organizations will collaborate on smart card-based solutions for e-commerce and home banking, as well as for transport systems and ticketing products. In particular, the companies will develop a smart card that combines debit, credit, electronic purse, transit and ticketing applications.

Through such a card, holders will be able to buy goods at most retailers, purchase through credit, and ride on public transport systems in Australia.

"Our alliance with Westpac Group heralds the convergence of transit ticketing with the banking industry in Australia and is a significant step forward in the establishment of an open smart card system that will operate across Australia," said Peter Fogarty, chief executive officer at ERG Group. "We can now offer transit operators and their customers the convenience of a bank supported smart card solution."

As part of the alliance, Westpac will become the principal EFTPOS (electronic financial transaction point of sale) processor for ERG's electronic purse and reloadable smart card products.

"We have embarked on an Australia wide program to upgrade all of our EFTPOS/retail terminals and they will support the ERG Group smart card technology," said Chris Smith, general manager merchant acquiring for Westpac Group. "Westpac Group will deploy terminals at which cardholders will be able to reload cards and make purchases."