Bank Australia blocks gambling transactions
As of December 1, customers will be banned from using their credit cards for gambling or lottery activities.
Australia.- Bank Australia has announced it will block all gambling-related transactions made with credit cards issued by the bank.
Customers have been advised of the measure, which has also been announced on the bank’s website. Clients will be able to continue gambling with the bank’s Visa debit cards.
The bank said in the communication: “From 1 December 2020, you’ll no longer be able to use your credit card to make transactions related to gambling or lotteries. We will be doing this by blocking transactions from merchants that are classified under the gambling merchant category code.”
The change is in line with the company’s responsible banking policies, which also include not lending money to casino operators or businesses connected to the gambling industry and or sports betting.
It said: “Around the world, changes have been made to limit the use of credit cards for gambling. We believe these measures make sense and help address some of the harms associated with gambling transactions on credit cards and help prevent problematic credit card debt.”
The Australian Banking Association had recently renewed the debate on whether banks are acting responsibly by letting customers get into debt problems due to gambling. Bank Austria suggests other financial entities in the country will follow its lead.
