Coles has also unveiled plans to provide personal loans and credit cards through a new joint venture with GE Capital Australia, the local arm of General Electrics retail credit-card business.
The 50-50 venture with GE Capital Australia is expected to begin operating in 2015, subject to regulatory approval. It is set to initially provide loans, Coles-branded credit cards and a mobile wallet—a credit card and store loyalty card in one that can attach to cellphones and tablets. The cards can be waved in front of sales terminals to pay for goods and collect reward points.
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