It’s fair to say that payWave technology has exploded in popularity in Australia and for the past three years ING DIRECT customers with an Orange Everyday account have benefitted from a 2% cashback incentive on payWave purchases under $100. That juicy cashback is coming to an end though, no doubt on the back of reduced interchange fees, with ING DIRECT announcing to customers that the cash back promotion will end on 30 September 2016.
“Rest assured that as Australia’s most recommended bank we still believe your Orange Everyday account will continue to deliver the best value, service and convenience,” said ING DIRECT’s Executive Director, Customers, John Arnott.
There is no doubt that the Orange Everyday account is popular. According to their 2015 Annual Report, ING DIRECT ramped up their focus on becoming their customers’ primary bank in 2015, resulting in the increased take up of their Orange Everyday transaction account. The Orange Everyday grew by 47% in 2015 – a net growth of 127,481 accounts.
What does scrapping the cash back deal mean?
The benefits to consumers in the cash back offer obviously depend on personal spending habits. As an example though, a consumer making ten $90 purchases per month on an Orange Everyday account via payWave and pay could have expected approximately $18 in cashback funds.
Other institutions offering a cash back deal
Whilst ING DIRECT is scrapping their cash back offer, it is worth noting that they were one of the only institutions to offer such a deal in the first place. At time of writing, the only other institution on Canstar’s database that offers a payWave cash back deal is the Australian Military Bank’s Military Rewards Account, which at time of writing offers a 2% cash back on all payWave transactions under $100, if you deposit a minimum of $1,500 per month (excluding transfers from other Australian Military Bank accounts).
That said, there may be other transaction accounts not on Canstar’s database that offer cashback; both HSBC and Citibank have previously offered payWave cashback deals. It’s always worth keeping an eye out to see what offers may be available.