ANZ has announced a partnership with Cashrewards, an ASX-listed company, allowing 4.7 million ANZ customers to earn cashback payments from over 1,700 retailers. This collaboration will enable eligible ANZ customers to receive enhanced cashback offers and faster payment through the CashrewardsMax program, launching in August.
Emma Gray, ANZ Group Executive for Data and Automation, stated: "In the current low-interest-rate environment, our customers are looking for new ways to boost their savings. This partnership responds to that demand by rewarding customers for their current spending behaviour, meaning they can buy now, save now."
The partnership is exclusive to ANZ consumer credit and debit card users. ANZ acquired a 19 percent stake in Cashrewards in December 2020.
Gray emphasized that research indicates setting a savings goal is crucial for financial wellbeing. She noted that CashrewardsMax would assist customers in achieving financial goals more quickly by increasing their savings accounts. The partnership also aims to facilitate personalized conversations with customers about smart savings usage.
Bernard Wilson, CEO of Cashrewards, expressed satisfaction with the agreement's comprehensiveness: "We are delighted to have achieved such a comprehensive agreement to both deliver CashrewardsMax and establish strong foundations for an enhanced long-term relationship with ANZ."
Wilson added that this milestone aligns with Cashrewards' strategy and is expected to solidify its position as Australia's default cashback ecosystem while growing the category akin to international markets.
Cashrewards was founded in 2014 and serves around one million customers through partnerships with over 1,700 merchants including Apple, Myer, Liquorland, Adidas, Bonds, Target, Booking.com and The Iconic.