The Australia and New Zealand Banking Group (ANZ) has entered into a new partnership with cashback reward programme Cashrewards.

The move will enable ANZ customers win cashbacks on purchases made at participating retail stores.

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As agreed, a partnership called CashrewardsMax will be launched next month to provide ANZ consumer credit and debit card customers with higher cashback offers and access to exclusive retail experiences.

Founded in 2014, Cashrewards refunds a portion of the money that members spend on shopping. It is said to have around one million customers and counts more than 1,700 merchants as its partners. ANZ owns a 19% stake in Cashrewards.

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.

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“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.”

Cashrewards CEO Bernard Wilson said: “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.”

Earlier this year, ANZ collaborated with British fintech Bud to streamline lending processes.