New Zealand introduces new policies that will affect the payments done by credit cards for any gambling services that are being paid for. The primary banks and agencies belonging to the credit card brands will now be restricted on a reasonable basis.
Last year in December, the authority in charge of new restriction was the ANZ Group. This new regulatory body began its talks with stakeholders of gambling companies across the country in order to permit these new restrictions. The aim is to set a limit on how money can be sent using the credit cards that these very same online gambling sites allow. The hope is that the new limits will be met with reasonable confrontation.
New Zealand is not the first country to permit such an act. Last week, Australian gambling sites completely banned the usage of credit cards after the new policy was set by the Australian Bank Macquarie. This marked the first bank in Australia that was given this new restriction.
The reason for these new bans was out of the wish to protect the interests of the customers, according to the Australian bank at the time of the setup.
Macquarie’s head of personal banking, Ben Perham, issued the following statement regarding the customer response to this new policy. He said: “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”. In other words, the hope is that players will limit themselves to how much money they spend on the casinos so that their finances are left better off then what they could be with any reckless gambling.
Establishments in European countries are already thinking the same thing, including the UK Labour Party.