Paymark has announced that it is planning to take its EFTPOS system online next year, allowing New Zealand bank account holders to make purchases online without the use of a credit card.
EFTPOS is New Zealand’s leading payments system, processing over 75 per cent of all electronic transactions in the country’s retail market on behalf of more than 50 card issuers and acquirers, and for more than 75,000 merchants.
The new initiative is being developed in partnership with three of New Zealand’s largest banks, ASB, BNZ and TSB, but Paymark will be launching it as an industry wide, pan bank service and will look to bring on other banks over the coming months.
Online EFTPOS will mean banks can provide a new, more secure, convenient and simple way for customer to buy goods and services online in real time using their existing bank accounts and mobile device.
Online EFTPOS payments work through secure digital “tokens”, which means customers don’t need to reveal financial details (including bank account information) to merchants when they are shopping. As Online EFTPOS is integrated with the mobile banking application, only financial institutions have access to account details.
The new service will be piloted in late November, with the official launch planned for early 2015.
ASB’s executive general manager of technology and innovation, Russell Jones says ecommerce was the fastest-growing payment category last year, as merchants move more of their business presence to the web.
“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.”
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