Eftpos Australia to unveil mobile tap and pay in 2017
Eftpos Australia, the nation’s most widely used debit card payments system, says users will be able to tap and pay via Eftpos with their smartphones next year.
Paul Jennings, CTO of Eftpos Australia, says it is “now working with several members [banks] and successfully testing the token service in order to launch Eftpos as a secure payment option in mobile wallets in 2017”.
According to the Reserve Bank of Australia (RBA), Eftpos is cheaper than its rivals, such as Apple Pay, Android Pay and Samsung Pay. With Eftpos, it ranges from 0.14% of transactions; while the average cost of credit card transactions stands at 0.81%.
This announcement from Jennings shows that Eftpos Australia is looking to compete against the big three payment providers.
Earlier this month, Cuscal, a major payments provider to Australia’s credit unions and banks, signed a deal with Apple to bring Apple Pay to its customers. The service will be available to nearly four million Australians that bank with 31 entities (which work with Cuscal).
In 2015, Eftpos says Australian consumers performed more than 2.3 billion Eftpos transactions worth more than $140 billion at around 900,000 Eftpos terminals. It adds that each day Australians make more than 6.3 million Eftpos transactions.