This morning, shares of Westpac Banking Corporation [ASX:WBC] have grown slightly, up 1.11%
With a market cap of almost $100 billion, Westpac shares are now valued at $29.08.
Westpac was founded in 1817 and has its headquarters located in Sydney, Australia.
They currently have over 35,000 people employed fulltime.
Offering cheaper services
Westpac has stated that they will be offering a cheaper form of their ‘tap and go’ card payments over the course of 2019.
This will further pressure its competitors to consider similar alternatives to their services.
They have given small businesses a choice in regards to a preference of contactless debit card payments as seen on a more cost efficient platform for the next year.
The Sydney Morning Herald reported that Westpac’s chief product officer stated:
‘Australia has one of the highest adoption rates of contactless payments in the world and now that another card scheme is capable of processing these transactions, we are investing in our payments infrastructure to pass this option onto our merchant customers.’
The changes will be able to save merchants a lot of money, as the standard fee for a credit transaction can be quite impactful.
ANZ and NAB have already both stated that they will be making more cost saving changes to their digital transaction platform as well.
In a defence to home loan lending
CEO Brian Hartzer has stated that Westpac have not purposely abandoned its customer mortgage repayments. Rather, they have only been sloppy in the matter.
He questions the overall performance and credibility of the bank, as their workers have not been performing up to standard.
Brian describes the process as a tough experience for the industry, but as something they must also embrace.
Showing the customers that the bank has their best interests at heart is one of their primary focuses at this time.
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