Australian financial institutions have begun to roll out cards featuring the new eftpos Chip, in an industry effort to provide consumers with more payment choices and further improve security on eftpos-only cards.
Over the next few years the new eftpos Chip technology will be added to new and replacement cards (credit and debit) that can be used to make eftpos CHQ and SAV transactions.
The eftpos Chip enables a range of new possibilities for the future because it has the capability to carry multiple applications for the first time. The Chip will also brings Tap & Pay to eftpos-only cards for the first time.
Point of sale terminals across Australia are also being upgraded with the eftpos Chip technology. This will help to further reduce eftpos fraud, which is already the lowest in the country.
In 2016, Australian consumers performed more than 2.2 billion eftpos transactions worth more than $138 billion at more than 900,000 eftpos terminals. It is Australia’s most widely used debit card payments system.
eftpos Tap & Pay
eftpos Tap & Pay is bringing tap functionality to around 12 million eftpos-only cards, sometimes referred to as eftpos Proprietary cards.
With eftpos Tap & Pay you get the advantage of simplicity and speed at the checkout, and greater security with EMV Chip cards.
Consumers can enjoy all of the existing benefits of eftpos, with these added advantages:
- Cash out, with eftpos Tap & PIN™
- For everyday purchases under $100 simply - Tap & Pay
- For everyday purchases over $100 simply - Tap & PIN