In November 2017, we launched eftpos on Android Pay, with ANZ and Cuscal being the first Australian financial institutions to make the service available to eftpos-only cardholders.
eftpos on Android Pay provides eftpos mobile payments to cardholders, with secure access to their own money in real time and less likelihood of being surcharged.
The service will use Australia’s first domestic Token Service Provider (TSP) for increased security, by removing confidential consumer card data from the eftpos payment network and replacing it with a unique payment token. The eftpos TSP, which was built in partnership with Rambus, enables eftpos to generate and manage its own payment tokens, facilitating secure digital payment experiences for eftpos cardholders.
The technology provides additional benefits to consumers when faced with a lost or stolen mobile phone or card. The user is able to disable mobile payments quickly, without needing to cancel the physical card itself.
ANZ and eight Cuscal sponsored credit unions and banks are all offering their customers the choice of using eftpos on Android Pay, including People’s Choice Credit Union, Sydney Credit Union, Woolworths Employee’s Credit Union, CUA, Nexus Mutual, and FCCS.