Prepaid cards introduced by ANZ and Westpac

ANZ and Westpac recently introduced schemed prepaid cards within a day of each other. Prior to the end of 2005, branded prepaid cards were not available in Australia, although interest was gathering due to the success seen overseas. The Bopo card was the first prepaid card to be introduced and, while it was on the market in 2005, its official launch came in August 2006. ANZ's card costs $6.50 when purchased online or $6 when bought in the branch. Westpac's version is cheaper at $4.95 and it also has a higher allowable value maximum, at $800, compared to ANZ's $500.