NAB, Visa collaborate for 10 years; all NAB cards to be transformed into Visa with 'attractive offers'

National Australia Bank has collaborated with Visa, thereby dropping its association with Mastercard. The 10 years’ deal signed by NAB with Visa aims at innovating novel payments modes, such as the digital wallet.

NAB finds the collaboration an important decision in the time when the competition is at its peak among tech giants, card companies and banks for their unsecured lending gains. The four major Australian banks--Commonwealth Bank, Westpac, NAB and ANZ also agreed on the decision of NAB’s association with Visa because they believe that the customers would prefer Visa over Mastercard in the coming years.

Antony Cahill, NAB’s group executive for products and markets claimed that their bank is the first bank in Australia to sign such a long term contract offered by Visa. The deal not only promises innovative payment modes but also demands all NAB cards to get transformed into Visa. This will facilitate a stronger working bond with developed payment products and services.

“We do have some Mastercard products, they have been a good partner,” the Herald Sun quoted Cahill as saying . “We think the Visa offers will be very attractive and our expectations are (customers) will want to switch.” The executive added that he had been to San Francisco lab environment and expected to see some of the people from there to join NAB laboratories along with the local researchers.

Cahill did not disclose the new available payment products but he claimed that the production would inspire people to start using mobile devices for payments rather than using cards. “Apple Pay, Android Pay and Samsung Pay, those platforms are in the U.S. But that is because the U.S. didn’t really have tap and go payments before,” he said as quoted via the Sydney Morning Herald .

Customers may be tech-savvy these days, but they still prefer simple payment process, NAB executive said. NAB’s innovative payment products, in collaboration with Visa, will help customers get a simpler and more convenient mode of making payments.

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