As the coronavirus pandemic continues to accelerate mobile payments, eftpos and Samsung Electronics Australia recently announced a partnership which allows tokenized, contactless transactions to be made on Samsung Pay via the eftpos network.
The partnership provides Australians with greater payment choice and a seamless digital wallet experience when using their compatible Samsung smartphone.
Heritage Bank was the first issuer to launch the solution, which allows users on Samsung Pay to choose between making debit card payments via eftpos network by means of a simple toggle on the user interface. These cardholders can also now access their own money via their Samsung smartphone at the shops, with added benefits such as the ability to track their bank balances in real time.
As more issuer partners are expected to launch similar solutions in the coming months, millions of Australians will be able to pay using their eftpos cards on Samsung Pay – there are over 50 million eftpos enabled cards in circulation today.
With Australians showing a greater preference for contactless payments during the COVID-19 pandemic, our data shows an average of 20% growth month on month across eftpos mobile transactions. Now along with the launch of Samsung Pay with eftpos, it means this trend is not expected to slow down anytime soon.
Mark Hodgson, Head of Services at Samsung Australia said: “We are proud to launch with eftpos and Heritage Bank. This collaboration is a great example for how service providers can bring their best innovation together and deliver breakthrough experiences for Australians.”
Heritage Bank CEO Peter Lock said: “We’re absolutely thrilled to lead the way with Samsung Electronics Australia and eftpos to offer our customers more choice in how they access, manage and use their funds. To be the first issuer in Australia to launch the eftpos-Samsung Pay solution is a fantastic milestone and further builds on Heritage’s expertise as one of the most technologically innovative banks in the country.”