Eftpos Australia has selected cloud-based mobile transaction firm Bell ID to provide them with a tokenization platform which will reduce the number of payment security breaches.
The partnership will enable Bell ID’s Token Service Provider platform to integrate with the eftpos Hub – a centralised payments processing service that allows companies in Australia to launch new products and services.
Why is tokenization important?
When consumers make purchases with eftpos’ new solution, they will enter a unique reference number instead of their credit card number, reducing the chance of any payment data being compromised.
Launched in 2014, the Hub is already processing almost 2 million eftpos CHQ and SAV transactions a day, so security is of paramount importance.
‘Enhance competition in the Australian mobile payments market’
Bruce Mansfield, managing director of eftpos, is looking forward to the future of mobile payments, explaining that the Bell ID partnership will allow eftpos transactions to be made securely across multiple platforms, including application that have been created by Australian developers.
‘‘It’s great to be partnering with Bell ID on this important project because they have an excellent international reputation in the dynamic area of mobile payments and tokenization,’’ said Mansfield.
‘‘This new capability will enhance competition in the Australian mobile payments market and help eftpos meet the growing needs of this rapidly changing area of payments technology.’’
‘‘It will also provide the Australian industry with the choice of a domestic, secure tokenization service,’’ continued the managing director.
Mansfield added that the eftpos Hub is scheduled for upgrades in January 2016, in order to gain online payment capabilities.
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