ANZ today announced a new partnership with ASX-listed company Cashrewards, enabling 4.7 million ANZ customers to earn cashback payments when shopping at more than 1,700 participating retailers.

Cashrewards credits members a percentage of what they spend when shopping, which can then be withdrawn as cash direct to their bank account. Under the CashrewardsMax partnership, eligible ANZ customers will receive higher cashback offers, be paid sooner and access exclusive retail experiences.

The CashrewardsMax partnership launches in August and will be exclusive to ANZ consumer credit and debit card customers. ANZ bought a 19 per cent stake in Cashrewards in December 2020.

ANZ Group Executive for Data and Automation, Emma Gray said: “In the current low-interest-rate environment, our customers are looking for new ways to boost their savings. This partnership responds to that demand by rewarding customers for their current spending behaviour, meaning they can buy now, save now.

“Our research has shown one of the most critical steps to improving financial wellbeing is creating a savings goal and CashrewardsMax will help our customers meet their financial goals sooner by topping up their savings accounts.

“This partnership also opens the door for us to engage in a more personalised conversation with our customers about how they can use their savings in a smart way, which could be saving for a home or business, or paying down debt,” Ms Gray said.

Cashrewards Chief Executive Officer, Bernard Wilson said: “We are delighted to have achieved such a comprehensive agreement to both deliver CashrewardsMax and establish strong foundations for an enhanced long-term relationship with ANZ.

“This is a key milestone in our strategy. We expect CashrewardsMax to help cement Cashrewards as Australia’s default cashback ecosystem and to accelerate our mission to grow the cashback category to match the size of similar international markets,” Mr Wilson said.

Founded in 2014, Cashrewards has around one million customers and partners with more than 1,700 merchants including Apple, Myer, Liquorland, Adidas, Bonds, Target, and The Iconic.