Australia’s eftpos completes industry-wide technology transformation
Australia’s payments network, eftpos, today announced it had successfully completed its industry-wide technology infrastructure transformation program, processing the two billionth transaction across its now complete eftpos Hub network.
- National, centralised processing Hub network complete and 2 billion transactions processed
- eftpos Tap & Pay now enabled on 25 million cards, including 1 mllion eftpos-only cards
- eftpos Tap & Pay terminal network to be completed by year’s end
- Australia’s first domestic token vault (TSP) complete and ready for commercial deployment
- Secure eftpos Mobile payments in testing and ready to launch soon
- Major banks move (off us) ATM transactions to the newly completed eftpos Hub
eftpos Managing Director, Mr Bruce Mansfield, said the centralised payments Hub provided national, cost effective and secure infrastructure that the industry needed to roll out new eftpos products and services like eftpos Tap & Pay and eftpos Mobile payments.
To date, the newly-completed eftpos Hub network has had zero downtime, while conducting regular releases, changes and processing millions of transactions a day. It is already being leveraged by the industry for additional capabilities, with five banks processing their off us ATM transactions in addition to eftpos CHQ and SAV transactions at point of sale.
Mr Mansfield said more than a million eftpos Tap & Pay cards had already been issued by Australian financial institutions and that number would reach well over 3 million cards by the end of the year. More than 20 million multi-network debit cards are also enabled with the eftpos Tap & Pay technology.
The new eftpos-only Tap & Pay cards replace the magnetic stripe eftpos cards that have enabled Australians to make everyday eftpos CHQ & SAV payments since the mid-1980s. The new cards will continue to offer consumers valued benefits such as secure, real time transactions and less chance of being surcharged.
Mr Mansfield said the national POS terminal upgrade for both eftpos Tap & Pay for cards and eftpos Mobile already covers more than 70 per cent of terminals and most major merchants, and will be completed by the industry before year’s end.
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. 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,” Mr Mansfield said. “The network is a triumph for industry collaboration and will provide Australia with mission critical payments infrastructure for many years to come.
“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.”