Soon major banks and credit agencies in New Zealand may reasonably restrict credit card payments for gambling products and services.
Earlier in December last year, the ANZ Group had introduced a limit on making payments using credit cards with online gambling platforms. Following the new measure, the company’s New Zealand arm has initiated talks with stakeholders in the country’s gambling industry to introduce reasonable restrictions on gambling on credit.
Earlier last week, Australian Bank Macquarie has banned gambling with credit cards. It became the first major Australian Bank to do so.
Banning credit card usage for gambling, the Australian bank said that it was to protect the interests of customers.
Ben Perham, Macquarie’s head of personal banking, explained that “The blocking of transactions that are registered under a gambling and lottery merchant code, as well as capping cash advance balances, are just some of the important steps we’re taking to support the financial wellbeing of our customers when they bank with Macquarie.”
Gambling on credit has been opposed by various social groups in Europe as well. In the UK the labour party has been demanding ban of credit cards for payments related to gambling products and services.