Payment flexibility and financial wellbeing can go hand in hand

Customers today are almost spoilt for choice when it comes to payments. The expansion in payment methods and the flexibility this gives customers means they have never had more ways to transact.

The fragmentation of payments and the fall in cash usage is shown in statistics published by the Reserve Bank of Australia in its Payments System Board Annual Report - 2021. Prior to the COVID-19 pandemic, cash was used for 27 per cent of consumer payments, compared with about 70 per cent in 2007, according to the RBA report.

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The pandemic accelerated this trend with a range of indicators pointing to weaker demand for cash for transactional purposes, including lower cash withdrawals from ATMs and subdued demand for low-denomination banknotes, according to the RBA report.

At ANZ we’re seeing many of the same trends in our data. Card spend via digital wallet increased 75 per cent so far in 2022 on the same period in 2021 - but it has more than quadrupled compared with the same period in pre-COVID 2019.

At ANZ we are committed to improving the financial wellbeing of our customers and supporting this with more flexible ways to pay.

"Customers can choose the repayment term to manage their cashflow best, tapping into an instalment solution whenever they need it."

Financial wellbeing

This commitment is central to our purpose as a bank and has been incorporated into every layer of our strategy. Financial wellbeing isn’t something we talk about to then store away on the top shelf. It’s always present and guides everything we do – from serving our customers to designing new products and services.

A good example of helping our customers make payments in a financially responsible way and helping them make the most of their money is our recent launch of Instalment Plans for credit card customers and the introduction of Cashrewards into the ANZ App.

Customers have told us they’d like more flexibility and control over how they manage their money, seeking self-serviced solutions they can manage conveniently in one place - their ANZ App.

ANZ Instalment Plans is a simple money management tool that delivers flexibility and allows eligible credit card customers to apply to convert an Amount1 of their current purchases balance onto an instalment plan and repay it in monthly chunks.

The instalment plans allow eligible credit card customers to continue enjoying the credit card perks they’re used to including rewards points, insurances and fraud protection.

Whether it’s paying for an unexpected bill like home repairs or dental or making a large purchase like a new fridge or a holiday, with ANZ Instalment Plans eligible credit card customers can pay off the Amount1 they have enrolled in the Plan  bit by bit by applying for a repayment term that best suits their needs from 3, 6 to 12 Instalments – it’s up to you2.

Instalment plans for credit card balances is just the beginning though. We’ll continue to build out the features with enhancements that will allow customers to use Instalment Plans for individual purchases and point-of-sale transactions instore and online with our partner VISA.

Rewarding customers

It’s not just flexibility and control customers are looking for, it’s rewards too. With that in mind we have also enabled access to one of Australia’s leading cashback programs Cashrewards into the ANZ App.

We know our customers are looking for ways to boost their savings and with Cashrewards they can receive a tangible reward for their spending.      

In line with our financial wellbeing focus, the cashback offers from Cashrewards help customers make the most of their money by earning a portion of their spend back in cash when they withdraw it from their Cashrewards account into their bank account.

We’re excited to help customers discover new businesses and brands while unlocking more value in their shopping. With over 2000 popular brands and counting, Cashrewards is a win for both participating merchants and our cardholders.

Incorporating Instalment Plans and Cashrewards in to the ANZ App can help to improve our customers financial wellbeing and make the most of your money.

Giving customers tools to help their bottom line sounds like a compelling proposition.

How does Cashrewards work?

  • Browse the latest cashback offers from Cashrewards conveniently while doing your banking via the For You section of the ANZ App
  • Sign up to Cashrewards for free to take advantage of a cashback offer and shop
  • Earn a portion of your spend back – ideal for everyday items or purchases you had already planned to make
  • Withdraw cashback3 from your Cashrewards account into a bank or PayPal account and use it to save towards a goal, pay down debts, put money aside for a rainy day or however you like.

How do Instalment Plans work?

  • Go to the 'Manage' section of your credit card in the ANZ App and click on ‘Instalment Plans’4
  • Choose the Amount1 you’d like to put on a Plan.
  • Choose the number of Instalments (and see your estimated Instalments)5.
  • Review the details (including the applicable Plan interest rate6) and submit your request for a Plan in App
  • We’ll let you know if your Plan is approved – the Plan Instalments will then form part of your Minimum Monthly Payments due on your credit card account.
  • You can cancel your Plan at any time.

Maile Carnegie is Group Executive, Australia Retail at ANZ.


The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.

Important Information

Applications for credit are subject to ANZ’s credit approval criteria. Terms and conditions, and fees and charges apply to your credit card. 

Terms and Conditions and eligibility criteria apply to ANZ Instalment Plans. Read the ANZ Instalment Plan Terms and Conditions (PDF) and if approved, your confirmation communication for details. You can refer to your statements of account for information about the interest rate, fees, and/or charges that relate to a particular ANZ Instalment Plan. 

Cashrewards is offered by Cashrewards and not ANZ. The Cashrewards account is not an ANZ account. To earn cashback you must be a Cashrewards member. Eligibility criteria, cashback redemption and withdrawal conditions and T&Cs apply. Please visit Cashrewards for further details.​

ANZ App for Android is only available on Google Play™. ANZ App for iPhone is only available from the App Store.

Apple, Apple Pay, Apple Watch, Face ID, iPad, iPhone and Touch ID are trade marks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Android, Google Play and the Google Play logo are trade marks of Google Inc.

1. Only a select Amount from an eligible account’s purchases balance that is available for selection in the ANZ Instalment Plan section of the ANZ App is eligible for application for enrolment on an ANZ Instalment Plan. See the ANZ Instalment Plan T&Cs (PDF) for further info.

2. T&Cs and eligibility criteria apply. Fees and charges may apply.

3. Withdrawal conditions and T&Cs apply.  Please visit Cashrewards for further details.

4. Not all ANZ credit card accounts are eligible to apply to enrol an Amount in an ANZ Instalment Plan.  If you are eligible to apply for a Plan you will see the option “ANZ Instalment Plan” in the “Manage” section of your credit card in the ANZ App. 

5. ANZ Instalment Plan Instalment amount and total Plan amount estimates provided in the ANZ App are estimates only. The actual Instalments may differ and will appear on your statements. For more info see the ANZ Instalment Plan T&Cs (PDF).

6. A Plan interest rate is a discounted purchase interest rate that applies to an ANZ Instalment Plan balance if and while it’s enrolled in a Plan. For more information, see the ANZ Instalment Plan T&Cs (PDF).

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