For the same reason that bank's pretty much do everything......

Money and the bottom line

I suspect that Visa made them an offer they could not refuse,  and probably related to card interchange fees that are about to go through a big shakeout..

Your average person won't see much difference between a Mastercard and Visa. Interestingly, ANZ appears to have dropped the Qantas rewards scheme altogether.

Westpac also seem to have changed from Visa to Mastercard?

Interesting. I have an ANZ Visa and an ANZ Mastercard here in Oz. Both are in my Android pay app.

ASB did the same thing a while back when they dropped MasterCard. I don't really know why they offered both to begin with when they were near on identical. 

When I got my first credit card with them the agent asked me "Okay so we have the Visa or MasterCard Classic" and I asked what the difference was, she said "the logo on the front". I don't know if the higher end cards had any other benefits but I imagine they were negligible. Offering a consistent line of product is easier for the consumer and the bank so it makes sense for all of these banks to start consolidating.

News story on it here

80% of their customers already have Visa.

Takes credit card products from 11 down to 5.

Sounds like Visa has some features that Mastercard does not.

Visa hated my US netflix subscription but mastercard had no issues.

ilovemusic:

 

there's lots of puff on the associated faq on every topic under the sun except any reason for the change.

 

I've had an ANZ gold Visa for 30 years........when did they switch to MasterCard? :-) 

robjg63: What has been helpful is having a visa AND a Mastercard while travelling overseas or buying online.

When you have an issue with one (and it happens) the other would always be ok.
I am a little disappointed that I can't keep my ANZ Mastercard.

Kiwibank will look after you there. 

ASB gave me another Visa card when they dropped Mastercard.    Quite nice to have two credit cards when you are overseas - keep one in your wallet as the main one to use, and the second one in your neck pouch/ money belt or whatever.

Apart from this benefit I would be quite happy with just one card.

what about event cinemas master card wednesdays??? thats kinda a bummer, movie and popcorn for $11 for mastercard holders.

michaelmurfy: There are several reasons and no, not money related.

- Apple Pay + GoMoney Wallet.
- Making it simpler for the consumer - there was 2 of most cards and now there is 1.
- Due to the brand, Visa is accepted in more places.
- Contactless ATM's.

There are other reasons too but it is not at all money related.

Maybe in some small food stand in the foothills of Mongolia, but is there anywhere in the developed world where Mastercard is not accepted, but Visa is?

I ask because I use Mastercard - regularly, and have for many years - and have never struck an instance where Mastercard is a no go, but Visa is.