Transforming eftpos

eftpos is moving ahead with a comprehensive, multi-year transformation program scheduled for implementation later this year and next.

eftpos Managing Director Bruce Mansfield said the collaborative industry program aimed to deliver new infrastructure and technology so that Members could provide their customers with a competitive, low-cost, domestic debit payments choice on technology platforms including online, mobile and contactless.

Close to 30 years since eftpos was first launched in the Australian market, eftpos-enabled cards continue to be trusted by millions of Australians as their preferred method of accessing money at the checkout by pressing CHQ or SAV.

However, as more Australians choose to pay for goods and services on new technology platforms such as online, contactless or mobiles, eftpos recognised the need to upgrade its system to ensure it remains a relevant payment method for future generations of businesses and consumers.

Mr Mansfield said the eftpos transformation would provide the strategic agility needed to compete effectively in the rapidly changing payments industry.

“When the transformation is complete, eftpos will have an efficient product pipeline to close competitive technology and product gaps significantly faster and more efficiently, providing more choice to our Members and to merchants,” he said.

“We will produce products that are based on consultation and are relevant to Australian consumers by giving them access to eftpos payments on new platforms.”

The transformation involves three core streams:

  1. Commercialisation and deployment of eftpos Chip and Contactless
  2. The development of the eftpos Hub infrastructure to move work associated with the eftpos pipeline of product enhancements away from the current outdated and cumbersome bilateral environment
  3. eftpos Digital Payments program. In 2014 and 2015 eftpos will begin to see elements of the three core streams being launched in the marketplace, representing the first significant technology change to the eftpos system in almost three decades.
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