NZ Commerce Commission announcement

Auckland, 10 November 2006

Visa to defend the fundamentals of its payments system

Visa International’s Executive Vice President for Australia and New Zealand, Mr. Bruce Mansfield, said Visa would be defending its position following today’s announcement by the Commerce Commission. 
 
Mr Mansfield said Visa International’s payment system delivers benefits to over a billion card holders worldwide, including close to two million in New Zealand, and its fundamentals would be defended.
 
“The Visa system has been operating successfully for over 30 years and has brought enormous economic and social benefits to consumers and merchants in all corners of the world.
 
“The move by the Commerce Commission is serious and disappointing. We will defend the system that continues to deliver major benefits to all New Zealanders,” Mr. Mansfield said
 
Media contact
Andrew Woodward
Visa International
nzinfo@visa.com

About Visa New Zealand

Visa is the leading payment brand in New Zealand with 1.8 million cards on issue and more than 115,000 merchant acceptance locations.  For the 12 months ending June 2006 ,more than NZ$15 billion was spent at point of sale or withdrawn from ATMs in New Zealand using Visa cards . For more information, visit www.visa.co.nz or email nzinfo@visa.com.