By Gareth Vaughan
Paymark's CEO says the success of taking EFTPOS online will come down to having all banks on board. But Westpac, which is one of Paymark's four shareholders, is showing no interest in signing up.
And nor, at this stage is ANZ or Kiwibank committing to it.
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If EFTPOS offeres lower fees to merchants than the credit card companies (as happens for in-person transactions), why wouldn't a merchant adopt it, even if it only covers half its customers? Offering lower prices or getting higher margins on half you customers is better than none.
As a BNZ customer, why would the fact that it doesn't work for Westpac customers stop me using it?
So i disagree that "the success of taking EFTPOS online will come down to having all banks on board. " It can be very successful with only a few banks, and that will inevitably force the other banks to adopt.
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