ANZ Group Holdings (ASX:ANZ, NZE:ANZ) launched a cashback rewards program for New Zealand customers in partnership with Visa, the company said Thursday.

Through ANZ Loop, New Zealand customers can earn cash back automatically on eligible purchases from major retailers such as The Warehouse and Noel Leeming when they pay with their personal Visa debit or credit card.

Instead of receiving points, the program allows customers to receive cash directly back to their accounts without the need to activate offers or use a promo code, the company said.

Other brands participating in the launch of ANZ Loop include Milkrun, The Coffee Club, Designer Wardrobe, New Balance, Flamingo Scooters, Petdirect, and M.A.C.

ANZ Group shares were down 1% in recent trading on the Australian and New Zealand bourses.