New eftpos anti-fraud tools aim to make Aussie merchants and consumers more secure online

eftpos is scheduled to launch two new eCommerce anti-fraud tools later this year, aimed at helping Australians make more secure payments online.

eftpos CEO Stephen Benton said with more Australians moving their everyday spending into the digital economy, eftpos was rolling out the eCommerce capabilities to help drive competition, provide choice and enhance online payments security.

Mr Benton said an important part of this rollout was the introduction of two new anti-fraud capabilities by the beginning of November 2021:

  • Network Fraud Scoring – to help financial institutions assess the risk associated with individual transactions.
  • eftpos Secure (EMV 3-D Secure) – two-factor authentication for consumers, which helps reduce risk for both consumers and merchants.

These new anti-fraud tools have been in development for several years and follow the earlier introduction of enhanced security and fraud services from eftpos, including the eftpos Tokenisation service in 2016 and the upgraded Disputes and Chargebacks platform in 2017.

“The introduction of these new anti-fraud services means we can extend eftpos payment options for consumers and merchants into higher risk categories of the online payments environments with confidence, and keep driving competition in this space,” Mr Benton said.

“This is a vital step in opening-up online payment options and not repeating the mistakes of the past when eCommerce card payments were first rolled out by others, particularly at a time when more Australians are relying on the digital economy for their everyday spending.”

The vast majority (84%*) of reported card fraud in Australia occurs in the online environment. eftpos’ current eCommerce card-on-file solution has experienced zero fraud because of the low-risk approach taken to minimise risk across the ecosystem.

Mr Benton said eftpos had taken a cautious approach to its entry into eCommerce, with the new anti-fraud tools and capabilities being in development for the past few years.

“The introduction of these enhanced anti-fraud tools completes the market-wide enablement of omni-channel processing support for purchase transactions. This allows eftpos to support transformational digital commerce experiences for all Australians,” Mr Benton said.

eftpos launched its first eCommerce service in August last year for Australian businesses that accept recurring card-on-file transactions from their customers. eftpos has also upgraded its network to support Deposit & Withdrawal messages, enabling secure and low-cost real-time transfer of funds for person-to-person (P2P) payments, Business-to-Consumer (B2C) and Government-to-Consumer (G2C) disbursements.

*AusPayNet Fraud Report 2020

Fraud
23-03-2021

eftpos, BPAY Group and NPPA propose to amalgamate

  • eftpos, BPAY Group and NPPA to be preserved as distinct operations under a single Board with a shared roadmap for innovation and investment
  • A unified group will aim to improve choice, competition, innovation, efficiency and affordability of Australia’s payments system
  • The proposal is subject to ACCC approval, including a period of public consultation prior to determination

Australia’s three domestic payment organisations, eftpos, BPAY Group and New Payments Platform Australia (NPPA) intend to amalgamate, creating a stronger, unified entity (“NewCo”) that will aim to reduce costs, increase innovation and efficiency, and be better able to compete with the growing scale of overseas multinational payment platforms.

In Australia, international card schemes and multinational technology providers are dominating the payments sector. Change is needed to ensure that the Australian payments system supports the best interests of consumers and businesses, through increased choice and competition.

The proposal to amalgamate will seek to realise tangible benefits for consumers and businesses, including a continued rollout of eftpos’ existing online capability, which seeks to give Australian retailers and consumers a low-cost option when purchasing online.

A single Board will utilise the strengths of each organisation: including BPAY Group’s innovation capability, eftpos’ low cost, real time retail payments and digital innovation capability and NPPA’s real-time infrastructure management capability.

The proposal was made by an Industry Committee comprising 13 mutual shareholders and eftpos members across the three entities. The Committee was established following the RBA’s Review of Retail Payments Regulation Issues Paper, which noted consolidation of some domestic payment groups should be considered. After a four-month period of deliberation, the Committee unanimously supported the amalgamation proposal.

Industry Committee Chairman, Robert Milliner, said a new, strong entity is needed to shape payments in Australia and provide sustainable competition to global payment companies for the benefit of local consumers and businesses:

“An efficient, innovative and competitive Australian payments system is vital for consumers and businesses, both large and small. The model proposed will enable us to adapt faster to the changing trends of the digital economy, while preserving and strengthening the components of our payments system that so many Australians value and rely on.”

“eftpos, BPAY Group and the NPPA provide Australians with reliable, safe and affordable payments options every single day. Working together towards common goals, they can unlock incredible value, invest more in innovation and realise cost-savings that will ultimately benefit the Australian public.”

eftpos, BPAY Group and NPPA will be preserved as distinct operations in a new combined entity with a single Board which will determine a NewCo management structure. Customers will continue to have access to the existing payments methods they know and trust; including BPAY, Osko, eftpos, Beem It and PayID. Each entity will continue to have its own operating governance and management schemes.

Benefits of the proposal

Amalgamation will aim to address current inefficiencies in the system, by creating a NewCo that provides multi-service infrastructure, broad capability, low cost of acceptance and a unified roadmap that is responsive to changing consumer expectations and technological advancements.

The combined entity will aim to deliver substantial benefits while also protecting the value and brands of eftpos, BPAY Group and NPPA. NewCo will aim to:

  • Apply downward pressure on payment costs: A unified domestic payments entity will foster low cost real-time account to account and eftpos debit card form factor payments and seek to bring average merchant fees down further.
  • Encourage and enable more payments innovation: Working towards common goals, joint investments can be made in new and existing payments infrastructure and services.
  • Enhance competition: Through increased scope and scale, NewCo’s goal will be to provide sustainable competition to global payments companies in a rapidly evolving payments landscape.
  • Improve efficiency and speed to market: Via reduced duplication, the unified roadmap aims to improve efficiency and speed to market of new innovations to meet unmet consumer needs.

Unanimous shareholder support

The Boards of eftpos, BPAY Group and NPPA have executed an agreement to implement NewCo subject to obtaining ACCC authorisation. eftpos Managing Director Stephen Benton said:

“For over 35 years, eftpos has been giving Australian customers and businesses access to reliable, affordable and safe payments. We pride ourselves on offering customers low cost acceptance options and intend to continue to deliver this. This proposal should allow us to continue to expand our online digital capabilities and innovation in areas such as digital identity, QR codes and mobile wallets including extending the role of Beem It to be an everyday lifestyle app.”

BPAY Group CEO John Banfield said:

“BPAY Group has been at the forefront of collaborative innovation within the Financial Services sector and beyond for decades. Our more recent recognition such as one of Australia’s Best Workplaces, AFRs Most Innovative Companies, Best Product Innovation is a clear strategic advantage for the Board of NewCo as it transforms into an entity that can literally take on the world, should the ACCC agree that this is in the public’s interest or otherwise approve it.”

NPP Australia CEO Adrian Lovney said:

“The COVID-19 pandemic has accelerated the pace in which the payments system is evolving. The increasing trends away from cash to online and in-app purchasing highlight how important it is for Australia’s domestic payments players to work together and invest in the current and future needs of Australians and how they want to pay.”

The new structure A single Board of 13 Directors will govern the operation of NewCo – comprising four independent Directors including the Chair and nine representatives from the major banks, smaller banks and non-ADIs (such as retailers and other payment processors). Each Director will have one vote, the major banks will have 4 out of 13 votes.

While arrangements could evolve over time with the approval of the shareholders, a key feature of the proposal is that the individual interests of the three entities will be protected. Fundamental decisions about the operation, funding, or future of any of the three schemes would be subject to determination by those shareholders that use that particular system. Retailers and other users of the eftpos system, for instance, will retain specific veto rights over any proposals that would directly impact eftpos.

The proposal also requires that each organisation’s existing payments-related work program remains unchanged until at least June 2022. This includes:

  • Extending eftpos acceptance online and in-app, and broadening of Beem It use cases;
  • Development of QR codes in accordance with an agreed standard and in coordination with relevant entities;
  • BPAY Group roadmap including making BPAY fully available through Application Programming Interfaces (APIs) and the further development of its Osko service; and
  • NPP Australia’s Mandated Payments Service which will enable authorised third-party initiated debits from more than 72m Australian bank accounts via a single connection.

A formal authorisation application will be filed with the ACCC in March 2021. The application will provide full details of the proposal and rationale. It will be made publicly available and subject to broad public consultation before the ACCC makes a determination within 90 days.

handshake
15-12-2020

eftpos launches advisory committee to give FinTech a voice

eftpos has launched a FinTech advisory committee in collaboration with FinTech Australia, as a way of giving FinTechs a direct say in how they can access and leverage the eftpos payments network for the betterment of Australia’s digital economy.

Seven leading FinTech companies have joined the committee which will involve a series of workshops to be held every month starting in February, focusing on the eftpos digital roadmap and API programs.

As a result, representatives from the following businesses will now join eftpos to explore ways to streamline access to its network, with recommendations to be submitted to the company by mid-year:

  • Assembly Payments
  • Azupay
  • Bleuco
  • Meeco
  • Monoova
  • Paypa Plane
  • Verrency

eftpos CEO Stephen Benton said the idea for the committee arose from ongoing discussions with the team at FinTech Australia, at a time when the company was rapidly expanding in the digital space.

“The aim of the committee is to advise eftpos on ways we can build on our efforts to make it easier for FinTechs to access the eftpos network and our products and services, in order to build their own businesses and payment experiences that can work across a broad range of connected devices in the digital economy,” Mr Benton said.

“We are delighted with the response we got, and would like to thank every new committee member for agreeing to collaborate with us on this important initiative.

“FinTechs are a dynamic and growing sector of our economy, and of crucial importance in the payments space. There are significant opportunities for FinTechs on the eftpos network, which includes access to 51 million Australian eftpos-enabled proprietary, multi-network debit and multi-network credit cards, as well as hundreds and thousands of merchants.,” Mr Benton added.

FinTechs will also be able to leverage eftpos’ digital product and technology strategy, which is being rolled out over the next two years. Much of the work is well under way, focusing around the five key elements of: mobile wallets; eCommerce; Digital ID; APIs and FinTech access; and national QR code payments rollout.

Chair of FinTech Australia and CEO/Co-Founder of Paypa Plane Simone Joyce said the eftpos FinTech advisory committee brings to together some of the most innovative thinkers involved in FinTech in Australia.

“I am looking forward to working with the committee on solutions that leverage the critical infrastructure of the eftpos network to drive positive outcomes for merchants and consumers," Ms Joyce said.

FINTECH
23-02-2021

eftpos new brand logo

eftpos, Australia’s national payments network enabling real time debit payments across the country, today unveiled a new-look logo and brand refresh to better reflect the brands digital transformation.

The new logo and fresh brand colours follow the announcement of the eftpos digital product and technology strategy rollout over the next two years, which aims to make it easier for Australians to manage their own money and live a better life in the digital world.

eftpos CEO, Stephen Benton said eftpos wanted to create a bold and distinctive look and feel across every touch point – in store, on mobile and across all digital platforms – that appealed to all Australians including Millennials who are embracing the digital economy.

Mr Benton said eftpos is synonymous with low cost debit card payments across Australia, so it was vital the company developed a new brand identity that was still unmistakably recognised as eftpos, no matter where people shopped or what device they used.

“We want Australians to know that our company is evolving alongside them, and our goal was to convey simplicity and modernity while preserving our distinctly Australian heritage,” Mr Benton said.

“The trust, convenience and security they have come to know when using eftpos remains, and at the same time we are innovating and advancing for the future.”

“This brand refresh is a key component of our much broader digital payments strategy, focussed on creating greater value, ease and security for consumers and businesses by enabling compelling innovations for members, FinTechs and retailers that enhance the digital commerce experience.”

Mr Benton said one of the changes was to transform the eftpos ‘e’ into a dynamic, energetic visual cue to emphasise a fresh, distinctive and meaningful representation of the way Australians live their busy lives.

The refresh was spearheaded by multi-award winning branding and design agency Hulsbosch, renowned for developing visual identities for many of Australia’s iconic brands.

Jaid Hulsbosch, Director at Hulsbosch said “This iconic Australian brand is back with a defined brand story and a stand-out, relevant symbol. A vibrant upgrade in colour and an evolved, stylised ‘digital e’ now perfectly represents the brand and its exciting future.”

Mr Benton said the new brand rollout would be a staged roll out due to the brand’s extensive presence, with over 50 million cards to be updated along with hundreds of thousands of eftpos acceptance marks displayed by merchants across Australia.

“eftpos is one of Australia’s most iconic brands, and we were careful and thoughtful about how we needed to evolve it for the future,” Mr Benton explained.

“Extensive market research and consumer feedback from pre-launch testing has been extremely positive, confirming the new brand retains all the elements they uniquely associate with eftpos as a humble Australian innovator doing good for Australia,” Mr Benton said.

“Extensive market research and consumer feedback from pre-launch testing has been extremely positive, confirming the new brand retains all the elements they uniquely associate with eftpos as a humble Australian innovator doing good for Australia,” Mr Benton said.

eftpos logo
15-03-2021

eftpos low cost, real time payment transfers

eftpos today announced the launch of a new digital payments capability which aims to boost productivity for Australian businesses by enabling funds to be both deposited or withdrawn from an account in real time.

The new Deposit and Withdrawal messaging capability is live and available with payments app Beem It the first to launch using the message set, which could also be used for a range of productivity-boosting peer-to-peer or business-to-consumer use cases such as insurance payouts, government disbursements, rebates or instant payroll.

eftpos CEO Stephen Benton said the new capability could significantly enhance productivity for many businesses by replacing manual processes with real time transfer of funds between parties, while also providing enhanced transparency and controls.

He said the new Deposit and Withdrawal message set was an excellent example of innovating on top of the eftpos card infrastructure and Beem It was the logical first choice for launch, by facilitating real-time transfer of funds for its peer-to-peer (P2P) transactions.

“Many Australian businesses have the potential to benefit from these alternative low cost and real time payments which enable the secure deposit or deduction of funds from a cardholder’s account,” Mr Benton said.

“This capability is good for Australia because it aims to boost productivity by automating the manual and cost inefficient transfer of funds, using eftpos’ existing and trusted Australian card network with access to hundreds of thousands of Australian merchants and millions of consumers.

“Deposit and Withdrawal allows Beem It to use eftpos on the end-to-end P2P transaction between Australian multi-network debit cardholders – initiating the payment from the payer’s bank account, and depositing the funds to the payee’s bank account in seconds.”

eftpos purchased Beem It November last year, having acquired the Australian payments app that enables consumers to send and receive money using their phone in seconds, so the company could further advance the Beem It business and expand in the use of digital wallets as a whole in Australia.

Mr Benton said as Australians increasingly digitalise their transactions, we have a great opportunity to harness a more sophisticated funds transfer process, enabling local banks and businesses to offer a broader range of payments capabilities and provide a better digital alternative to the previously used ‘reverse’ eftpos.

“Deposit and Withdrawal capability opens up lots of new use cases and business opportunities such as peer to peer transfers, third party payment initiated withdrawals, insurance payouts, payroll disbursement, rebates including medical and other government rebates, loyalty cashback, wallet funding, gift card loading and newsagency lottery payouts, just to name a few,” Mr Benton said.

ecommerce
26-02-2021

eftpos low cost national QR code payments network rollout

eftpos today announced details for a national QR code payments network rollout, which aims to provide Australian consumers and merchants with better data-rich payments experiences no matter where they choose to shop – online, on their mobile or at the checkout.

eftpos aims to have the QR code payments network in trial by mid-year, designed to be low cost and facilitate many value added opportunities for merchants and consumers. It is intended to seamlessly link loyalty, offers, receipts and more, while also driving deeper customer engagement. The national rollout is expected to be completed in 2022.

eftpos CEO Stephen Benton said the decision to rollout national eftpos QR code payments network comes at a time when Australians are becoming familiar with QR code technology through daily interactions with COVID19 check ins and increasingly turning to digital shopping.

Mr Benton said the rollout was about re-imagining the Australian payment experience, while businesses are looking to new digital innovations to improve efficiency and create better customer experiences.

“Digital transactions enabled through the national QR code payments network aim to elevate and enrich the consumer payment experience while driving growth for local businesses,” Mr Benton said.

“Initiating secure purchase transactions using a consumers’ preferred digital wallet unlocks a wealth of extra benefits that will transform the way Australians choose to pay.”

Mr Benton added as part of eftpos’ strategy driving digital competition in Australia, the technology allows merchants to grow their digital sales with low cost QR acceptance using enriched data and integrated customer loyalty services, by leveraging eftpos’ robust and secure Australian owned network infrastructure.

It works by generating unique QR codes containing transaction details that are captured on a consumer’s mobile phone, initiating a secure digital wallet payment that is seamlessly integrated with the merchant’s loyalty service provider.

“The QR code payments network will enable local home-grown innovation by connecting numerous APIs, consumer digital wallets, and supporting technologies on top of the existing eftpos network rails, providing choice and potential cost savings for local businesses,” Mr Benton said.

QR code on phone and laptop
25-02-2021

Australia’s eftpos joins Hedera Governing Council

eftpos today announced it has joined the Hedera Governing Council and will run the country’s first Hedera network node this year.

Designed to be the most decentralised governance model for a public ledger, the Hedera Governing Council includes a group of highly diversified enterprises and organisations overseeing a global network of nodes that aims, among other things, to enable low cost micropayments for a range of use cases such as the Internet of Things (IOT) and access to content streamed over the internet.

eftpos CEO, Stephen Benton, said eftpos joined the Council after a number of successful proofs of concept last year, and it aimed to enhance the company’s digital payments innovation strategy to better meet Australians’ payment needs into the future.

“By joining the Hedera Governing Council and running the Australian node, alongside some of the world’s largest and most influential companies, we are excited to participate in the development of next-generation micropayments technology that has the potential to open up entirely new ways of conducting business for Australian enterprises and enable compelling new experiences for Australian consumers.

“For example, in a world of fast paced technology change, low cost micropayments to pay for internet content or tiny payments for device to device transactions.”

The eftpos digital strategy was devised with an Australian focus, creating world-class innovations to compete with global payments players. The digital strategy has five key elements:

  • Mobile Wallets including Beem It
  • eCommerce Digital identity, using connectID
  • Fintech ecosystem access National QR code payments rollout.

The initial objective of the micropayments proof of concepts, led by eftpos Entrepreneur in Residence, Rob Allen, was to investigate ways to create a seamless, sub-cent micropayments experience as an alternative to traditional online paywalls and subscriptions in the digital world.

“By combining the new eftpos API infrastructure with a consumer wallet-based experience, digital identity, and an AUD-based stablecoin using Hedera’s superfast, secure and low-cost distributed network, the PoC’s objective was demonstrably achieved,” Mr Allen said.

“Use cases like this simply are not possible on other public blockchains. Along with several partners, we are now exploring a variety of use cases that this combination of technologies enables and the options to commercialise them.

“Being on the Hedera Governing Council will provide us with the combined technical insight of all the Council members as well as a unique global perspective to improve our speed to market.”

Mance Harmon, CEO and co-founder of Hedera Hashgraph, said, “As Australia’s debit card system operator, eftpos is a critical component of the country’s financial infrastructure, processing over 2 billion transactions in 2020 worth an average of more than $300 million each day. We are pleased that they have joined the Hedera Governing Council as part of their new Australia-first digital product strategy. We look forward to their collaboration with other Council members and participants of the Hedera ecosystem to help make micropayments and other innovative financial models a reality for millions of consumers and billions of IOT devices.”

As the 17th Council member, eftpos joins a growing network of large enterprises, including Avery Dennison, Boeing, Dentons, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group.

Members of the Hedera Governing Council are responsible for running the initial nodes of the Hedera network, as well as guiding both strategy and software development, over a maximum of two consecutive three-year terms.

This contributes to stability and is conducive to maintaining diversity and decentralisation of the public network. Hedera Hashgraph’s node policy and codebase are undergoing continuous updates, to which Council members will contribute, supporting a governance model that eliminates the risk of forks, provides safeguards for users, and preserve the integrity of the Hedera network.

For more information, visit https://hedera.com/council.

About Hedera

Hedera Hashgraph is a decentralised public network on which developers can build secure, fair applications with near real-time finality. The platform is owned and governed by a council of the world’s leading organisations including Avery Dennison, Boeing, Dentons, Deutsche Telekom, DLA Piper, eftpos, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group.

For more information, visit www.hedera.com, or follow us on Twitter at @hashgraph, Telegram at t.me/hederahashgraph, or Discord at www.hedera.com/discord. The Hedera whitepaper can be found at www.hedera.com/whitepaper.

Hedra
28-01-2021

eftpos unveils its Australia-first digital product strategy

Spearheading innovation & collaboration across members, Fintechs and retailers eftpos today announced an updated digital product and technology strategy for rollout over the next two years, which aims to change the daily lives of Australians for the better. The strategy also provides greater clarity to members, Australian Fintechs and retailers about opportunities for innovation and collaboration.

eftpos CEO Stephen Benton said the strategy aims to create greater value, ease and security for consumers and businesses by enabling compelling innovations for members, Fintechs and retailers that enhance the digital commerce experience.

Mr Benton said much of the work was already well underway and the business was deeply engaged with members and industry participants to finalise detailed rollout schedules over the next two years.

The digital strategy has five key elements:

  • Mobile Wallets
  • eCommerce
  • Digital identity
  • APIs and Fintech access
  • National QR code payments rollout

“The eftpos digital product strategy has been devised with an Australian focus, creating world-class innovations to compete against global players. The strategy we embarked on two years ago aimed to transition eftpos from a card present retail business to a major player in the centre of Australian eCommerce that leverages our world-class technology investments,” Mr Benton said. “It’s been a journey not without challenges, but it has come together better than we could ever have hoped, with a keystone being the recent acquisition of Beem It.

“In many ways, eftpos was Australia’s first Fintech and our digital strategy builds on that history to deliver on eftpos’ purpose – to do good for Australia. We aim to do this by engaging with members, Fintechs and retailers to make everyday payments easy, secure, smart and cost efficient.”

Mr Benton said the growth of debit card transactions in Australia made eftpos’ digital strategy even more important for competition and innovation.

Debit cards is where competition is thriving in Australia today. Debit cards are by far the most popular payment choice for Australians as they move from cash and credit during this challenging time. Of the almost one billion electronic transactions per month in Australia, around 70% are now on debit and that number is growing every month.

Many of the digital initiatives leverage eftpos’ centralised payments infrastructure, the eftpos Hub, that was built in late 2014 and our Token Service Provider that went live in 2016. Together, these assets provide locally-based, world-class, secure and accessible real time payments infrastructure. The resilient Hub infrastructure has been running at zero downtime since launch and enables local Fintechs and financial institutions to access, innovate and compete on top of the eftpos payment rails.

The rapid pace of our transformation agenda means new initiatives are being introduced swiftly to encourage competition and innovation during the nation’s economic recovery, and at a low cost due to its accessible design and our use of global standards that facilitate choice. 

Digital Product Strategy
17-12-2020

eftpos signs deal to buy Beem It

Australia’s debit payments company, eftpos, today announced it had purchased Beem It, the Australian payments App that enables consumers to send and receive money using their phone in seconds, regardless of who they bank with.

eftpos CEO, Stephen Benton, said the signing was a logical move for eftpos as a trusted Australian payments brand that has access to hundreds of thousands of Australian merchants, millions of consumers and is quickly moving into digital payments.

“We are very excited to complete this purchase as a key element to eftpos’ strategy to diversify and move further into the digital ecosystem,” Mr Benton said.

“Australians are rapidly moving much of their daily lives to mobile and Beem It is a great Australian-owned and operated option for them to embrace digital payments. It’s easy to use, secure and free to download.

“In many countries, mobile wallets are the main App for day to day life, particularly throughout Asia and the Nordics. These Apps make life easier and add value, seamlessly and securely.

“eftpos the payment system will remain wallet agnostic and be the rails that support a variety of digital wallets.”

As at the end of August 2020, there had been 1.4 million downloads of the Beem It App, with ratings remaining consistently high, up to 4.9 out of 5.

Mr Benton said that looking forward, Beem It, along with other eftpos assets such as its digital identity solution, connectID, could be utilised to create compelling innovations for consumers, merchants and banks to enhance digital commerce while leveraging existing industry investments.

A spokesperson for the sellers said: “Today’s announcement marks a significant step forward for the future development of Beem It and the expansion in the use of digital wallets as a whole in Australia. Since its launch as a start-up business just two years ago, Beem It has proved to be extremely popular with over one million downloads and hundreds of thousands of regular users, particularly its instant payment, split bill and expenses tracking features.

“Its innovative technology is a formative example of the creative ideas and opportunities that have opened up in the area of Australian payments in recent years and we’ve been delighted to support the company in offering exciting new ways to consumers to pay and transact. Under its new owner, Beem It will be able to take full advantage of the infrastructure, cost benefits and partnerships offered by eftpos which will help it grow faster and expand the innovative services it currently provides. We believe this transaction will secure Beem It’s future as a leading digital wallet provider and we wish the company and its team the very best for the future.”

beemit
03-11-2020

More choice and potential savings for Australian small businesses during COVID-19 and recovery

Australia’s domestic debit card company, eftpos, today announced it has started to roll out digital payments solutions for businesses wanting more choice and potential savings in the challenging COVID environment.

eftpos is best known for helping Australian businesses and consumers with low cost and secure payment options instore and is now also available to Australian businesses that accept online card-on-file transactions from their customers.

eftpos CEO, Stephen Benton said dozens of Australian businesses, including Aussie Broadband and Cluey Learning, were already embracing eftpos card-on-file payments, with tens of thousands of transactions being processed through the service each month.

Mr Benton said almost 40 Australian banks including Suncorp, were also supporting the service, enabling their cards to be processed by eftpos for card-on-file payments.

“eftpos is synonymous with low cost debit card payments in store at retailers across Australia, and we’re excited to start making headway in the digital payment space,” Mr Benton said.

“It is early days but the service will increasingly enable more small and medium businesses to have Australia’s most popular cards – multi-network debit cards – processed by eftpos, and potentially deliver significant cost savings. These potential savings are particularly important for small businesses during COVID-19 and recovery.

“I urge small businesses that use card on file payments to talk to their digital payments providers about switching on the service.”

Card on file transactions are payments made from a card which is securely stored by the merchant or their payment system provider, for regular payments.

Some banks are supporting eftpos processing for regular payments initiated by the merchant, such as monthly subscriptions or payments initiated by the customer, such as occasional grocery orders.

Mr Benton said that if merchants were interested in accessing the new service they should contact their online payment service provider.

Aussie Broadband’s Managing Director, Mr Phillip Britt said: “We’re very excited to switch on eftpos’ digital payment solution. We believe this solution could potentially help Australian businesses reduce costs during these challenging times.”

Cluey Learning’s CFO, Mr Greg Fordred said: "As a rapidly growing online school tutoring business, Cluey Learning needed a low cost, scalable payment method. We've now moved to eftpos' digital payments which we're finding is a great solution."

australia map
24-08-2020