Australia’s Eftpos debit card network has completed an infrastructure upgrade that will enable its partners to roll out new products and services including Eftpos Tap & Pay and Eftpos Mobile payments. The update also includes Australia’s first domestic token service provider (TSP), “complete and ready for commercial deployment.”
More than a million Tap & Pay cards have now been issued by Australian financial institutions, according to Eftpos managing director Bruce Mansfield, with the number expected to reach “well over three million cards by the end of the year”. More than 20m multi-network debit cards are also enabled with Tap & Pay technology.
The now-complete Eftpos Hub network has recently processed its two billionth transaction. “Mr Mansfield said the national POS terminal upgrade for both Eftpos Tap & Pay for cards and Eftpos Mobile already covers more than 70% of terminals and most major merchants and will be completed by the industry before year’s end,” the company says.
“He said secure Eftpos mobile payments would also be enabled with the Eftpos TSP, replacing the card number with a unique digital identifier known as a payment token. This onshore token technology will also be leveraged by the industry to secure non-payments services in the future.”
“The completion of the Eftpos Hub network is a great achievement for the industry and our partners,” says Mansfield. “It represents a significant piece of secure and reliable infrastructure that can bring payments innovation, cost effective processing and healthy competition to new areas in the Australian market, faster and more efficiently.
“Eftpos Tap & Pay and Eftpos Mobile will be the first products to launch, along with new services to assist rapid change in the industry. We will then diversify beyond bricks and mortar merchants and into digital, such as merchant applications and browser, while maintaining Eftpos’ secure value proposition.”