Paymark unveils online EFTPOS project with 3 banks that'll take EFTPOS online including to mobile banking apps

Paymark unveils online EFTPOS project with 3 banks that'll take EFTPOS online including to mobile banking apps

Paymark says it's working with ASB, BNZ and TSB as it moves to allow consumers to use EFTPOS to make payments online including via mobile devices.

The payments company said it wants EFTPOS online to be an industry wide, pan-bank service, and it aims to bring other banks onboard in coming months. A pilot is planned for late November with an official launch targeted in early 2015.

"Paying online via EFTPOS will be secure and simple. Online EFTPOS payments work through secure digital 'tokens' meaning customers don’t need to reveal their financial details including bank account information to merchants when they are shopping. And because online EFTPOS is integrated with the mobile banking application, only financial institutions are privy to account details," Paymark CEO Mark Rushworth said.

"The online EFTPOS payment option will make internet shopping attainable for anyone with a New Zealand bank account. Online retailers will also benefit from the new payment option as it will make online shopping accessible to a larger number of potential customers and lower checkout abandonment," said Rushworth.

Paymark is working with ASB, BNZ and TSB. It says the initiative will allow banks to offer a new, secure, convenient and simpler way for their customers to pay for online goods and services instantly in real-time using their existing bank accounts and their mobile device.

Russell Jones, ASB’s executive general manager of technology and innovation, said e-commerce was the fastest-growing payment category last year.

“Online EFTPOS is a natural progression of a payment method first introduced in 1989 and now well embedded in Kiwi day-to-day life. The EFTPOS online initiative we are launching with Paymark is another New Zealand first that will be great for merchants and our customers," said Jones.

Paymark says its network processes about 75% of all electronic transactions in the New Zealand retail market on behalf of some 50 card issuers and acquirers, and for about 75,000 merchants. ASB, ANZ, BNZ and Westpac each own 25% of Paymark.

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only 10 years late, but better late than never.  Would hate to see NZ go the way of Europe seeing EFTPOS die and having visa and matercard own all the payment systems.

And the Robots take another small bite out of retail employment (after all, who is gonna be able to sell EFTPOS terminals now???)

An interesting concept!