Westpac Unveil New Online Gambling Payment Block Features
Australian banking conglomerate Westpac released a series of reports disclosing new payment restriction features directly related to the overuse of online gambling sites. The exact duration of the new protocol is unknown, but it’s most likely to stretch into 2022 with a possible option for extension. Westpac owns most of the popular banks in Australia. Their brand is well recognized throughout the continent of Oceania, building a highly successful legion of banks mostly through their longevity and consumer relationships. Last year they acquired assets in Europe for the first time.
Australian banking firm Westpac will provide payment block options for customers using online betting sites. As part of their new policy, they will support users who are victims of overspending relating to sportsbooks and other online gambling methods. A variety of transfer block options are available for bank members. ©pattyjansen/Pixabay
Effective immediately, the digital gambling block is available for over 2.5 million customers in Australia. Anyone who has an account with Bank of Melbourne, BankSA or St George can already access this brand-new method of finance intervention. It goes without saying that the new payment walls aren’t compulsory and are only there to prevent consumers from over-spending when they feel they’ve reached their limit. All gambling sites in Australia have accepted this notion and allow users who have accounts with Westpac bank details to cap their spending for a certain period.
This feature is nothing new, and many of Australia’s land-based casinos have already implemented spending limits to prevent consumers from causing serious financial damages to themselves and their families. These policies are under the influence of the current government notion, which have been working hard to combat the recent increase in problem gambling due to a rise in online betting figures. Online sportsbooks are yet to receive any harsh restrictions, but a recent crackdown on casino advertising shows clear intent from Australia’s ministers.
Consumers can engage with payment blocks through the online betting website and mobile apps, which have become the most common method of virtual gambling over the last few years. Westpac banks were also one of the first to comply with virtual payment methods through online sportsbooks. They plan to extend the protocol to even more cards in the following months and have also included an automatic failsafe should any debit cardholder under 18 attempt to register with an online betting site.
According to official stats from a Westpac social media post, the payment block feature has already been activated over 40,000 times, proving its worth to the public, betting companies and the government. The process of developing and implementing a digital block system takes months of work with engineers worldwide working on the project. Offices in London, Tokyo, Shanghai, and Sydney collaborated through the online medium to complete their objective. Australia had the largest number of employees for the project for commonality reasons.
What Will Westpac Do Next?
Westpac is one of Australia’s most innovative companies. They are consistently in cahoots with the government, often collaborating on major financial projects such as the rollout of the vaccine bonus last year. Their research and development department is the envy of the banking industry, constantly keeping up with the latest technological trends and coming up with new ideas to make the current system more effective for employees and users. On top of this, a 2019 poll voted them as one of the best Australian companies to work for.
Westpac are not a flawless company by any means and are no strangers to controversy. Famously they received the country’s biggest ever fine for money laundering charges in September 2020. This scandal caused a brutal shockwave throughout the country and the Australian media criticised them for a lack of transparency and betraying the trust their customers put in them. They are on a bounce back and since then have dedicated millions of Australian dollars to charitable causes including grassroots sport, nature conservation and the national health system.
They are now looking to the future, and the online gambling industry is constantly changing and reshaping itself. From a banking perspective, their contribution may seem indifferent; however, they are pioneering the shift in consumer attitudes and making online betting a much safer and secure arena for adults to enjoy. According to Westpac’s director of campaigns, Lauren Levin, they are working on a crypto-related project. Still, they refused to give up any more information to maintain its secrecy and importance.
