Australia’s second biggest lender Westpac Banking Corp to launch zero interest digital credit card

In a statement Westpac Banking Corp said, it plans on launching a digital credit card with zero interest aimed at primarily young customers, in an effort to tap into fast and efficient payment services.

Westpac, Australia’s second-biggest lender, said customers can apply for the Flex card either online or through its mobile banking app; on successful application, customers would gain access to $748.50 (A$1,000) of credit with zero interest on purchases as well as late fees in payments as well.

The moves comes at a time when contactless payments have gained in popularity, especially among young tech savvy consumers who rely on the internet for most of their purchases.

“Consumer research shows that younger Australians are less likely to use a traditional credit card, compared to older generations,” said Chris de Bruin, Westpac’s chief of Consumer and Business Banking.

($1 = 1.3360 Australian dollars)

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