ME has co-branded its low rate credit card with three industry superannuation funds - AustralianSuper, Hostplus and Cbus. All three are ME shareholders. The purchase rate of ME's "frank" card, which will bear the funds' logos, is 9.99 per cent and it has no annual fee. National Australia Bank's bi-annual Superannuation FX Survey of super funds has shown that more fund managers are reviewing currency issues more often. Among other findings: the level of overall FX exposure rose from 18 per cent in 2013 to 28 per cent for industry funds and from 17 per cent to 20 per cent for corporate funds. Use of cross currency swaps fell from 20 per cent in 2013 to 15 per cent, while FX options saw a greater decline in use to just seven per cent of respondents, down from 27 per cent. From October 2013 to September 2015, the fully hedged index (MSCI world ex Australia equities) underperformed by 8.6 per cent. Westpac has launched an account activation program that can be run through a mobile phone. On the back of this, the bank claims to be the first Australian bank to enable customers to activate a new debit or credit card conveniently and securely using their smartphone camera and optical character recognition. Payments processor First Data is going after the major banks' dominant share of merchant credit and debit card processing in Australia, after ending a 10-year alliance with BankWest, the AFR reports. First Data head of global solutions for Australia and NZ, Sam Itzcovitz, said his company wants to double its existing 11,000 merchant customers in two years in physical payments via card terminals as well as online and in "payment gateways".