In a groundbreaking move to promote responsible gambling, Westpac has announced that it will be joining its rivals in offering customers the option to block gambling transactions on their debit and credit cards.
This decision comes in the wake of growing concerns about the impact of problem gambling on individuals and families across Australia. According to the Australian Gambling Research Centre, approximately 80% of Australian adults engage in some form of gambling each year, with around 1% of the population experiencing significant harm as a result.
Westpac’s new initiative will allow customers to request a block on all gambling transactions on their cards, which will prevent them from being able to make deposits or wagers at online or land-based casinos, betting shops, or any other gambling-related businesses. This feature will also include cash advances from ATMs located in gambling establishments.
In a statement released by the bank, Westpac Group Head of Consumer Finance, Travis Tyler, emphasized the importance of supporting customers in making informed choices about their gambling habits. “We recognize that gambling can have a significant impact on individuals and their families, which is why we are committed to providing our customers with the tools they need to manage their spending and protect themselves from potential harm,” Tyler said.
Westpac’s decision to offer this feature follows similar moves by other major Australian banks, including Commonwealth Bank, ANZ, and NAB, all of which have introduced gambling blocks on their cards in recent years. The introduction of this feature reflects a growing trend towards greater industry responsibility and accountability when it comes to addressing problem gambling.
In addition to the gambling block feature, Westpac has also announced that it will be partnering with gambling support services to provide resources and information to customers who may be struggling with their gambling habits. The bank will offer financial counseling services and access to helplines for those in need of assistance.
Overall, Westpac’s decision to offer a gambling block on its debit and credit cards represents a significant step forward in promoting responsible gambling practices in Australia. By empowering customers to take control of their spending and seek support when needed, the bank is demonstrating its commitment to ensuring the well-being of its customers and the wider community.