At 7.20am on 9 September 2014 the first consumer transaction was made across the new eftpos Hub at a newsagent in Freshwater, on Sydney’s northern beaches. It was the first of billions of transactions that will flow through the new Hub and it marked a significant milestone for both eftpos and the Australian payments industry.
The eftpos Hub links the entire Australian payments industry through a central point for eftpos transactions. It will process eftpos CHQ and SAV transactions for merchants and consumers, no matter where they are across the nation.
The Hub replaces a network of complex bilateral links between financial institutions and merchants that existed since eftpos was first launched as a product in Australia almost 30 years ago.
The new infrastructure aims to bring new eftpos payments products, such as online, contactless and mobile payments, to market significantly faster and more efficiently than could be achieved with bilateral links. It is now also processing ATM transactions for a number of Members.
Why? Because the Hub will simplify the eftpos network. It means that participants will only need to do system changes once via a single eftpos Hub link to support new or enhanced eftpos products, rather than having to make multiple changes on numerous bilateral links.