12 October 2012 6:44am
Australia Post says in its annual report that sales of its Load&Go reloadable Visa pre-paid card, introduced in November 2011, have "proved successful beyond expectation with sales… above target by 50 per cent."
Post otherwise disclosed little data on the metrics of its financial services business in its annual report, which contained no data on the number of billers of its services or on the use of the online Post Billpay service.
Post did say, "We continue to see declining customer visitations to our retail
outlets, as Australians send fewer letters and move to online bill payment and banking."
Post said it served more than 750 businesses and government agencies, providing financial and identity services, with revenue growth of 12 per cent in the latter area.
It has also been providing some additional services to customers of Bendigo's Rural Bank brand, at 39 locations.
Most of Post's investment budget is being directed toward logistics, including plans for parcel lockers and new Post Office retail formats. Development of its bill aggregation service (or digital mailbox) is another theme.
The talk of investment by Post in banking services (which has ebbed and flowed over the period of the Labor government) must now be viewed as an historic curiosity.