Electronic funds transfer at point of sale (EFTPOS; ) is an

electronic payment system An e-commerce payment system (or an electronic payment system) facilitates the acceptance of electronic payment for offline transfer, also known as a subcomponent of electronic data interchange (EDI), e-commerce payment systems have become increa ...

involving electronic funds transfers based on the use of

payment card Payment cards are part of a payment system issued by financial institutions, such as a bank, to a customer that enables its owner (the cardholder) to access the funds in the customer's designated bank accounts, or through a credit account and ma ...

s, such as

debit Debits and credits in double-entry bookkeeping are entries made in account ledgers to record changes in value resulting from business transactions. A debit entry in an account represents a transfer of value ''to'' that account, and a credit en ...

credit card A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the o ...

s, at

payment terminal A payment terminal, also known as a point of sale (POS) terminal, credit card terminal, EFTPOS terminal (or by the older term as PDQ terminal which stands for "Process Data Quickly"), is a device which interfaces with payment cards to make electro ...

s located at points of sale. EFTPOS technology was developed during the 1980s. In

Australia Australia, officially the Commonwealth of Australia, is a Sovereign state, sovereign country comprising the mainland of the Australia (continent), Australian continent, the island of Tasmania, and numerous List of islands of Australia, sma ...

and

New Zealand New Zealand ( mi, Aotearoa ) is an island country in the southwestern Pacific Ocean. It consists of two main landmasses—the North Island () and the South Island ()—and over 700 smaller islands. It is the sixth-largest island count ...

, it is also the brand name of a specific system used for such payments; these systems are mainly country-specific and do not interconnect. In

Singapore Singapore (), officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, borde ...

, it is known as NETS. Debit and credit cards are embossed

plastic card A debit card, also known as a check card or bank card is a payment card that can be used in place of cash to make purchases. The term ''#Plastic card, plastic card'' includes the above and as an identity document. These are similar to a credi ...

s complying with

ISO/IEC 7810 ISO/IEC 7810 ''Identification cards — Physical characteristics'' is an international standard that defines the physical characteristics for identification cards. The characteristics specified include: * Physical dimensions * Resistance to b ...

ID-1 standard. The cards have an embossed

bank card number A payment card number, primary account number (PAN), or simply a card number, is the card identifier found on payment cards, such as credit cards and debit cards, as well as stored-value cards, gift cards and other similar cards. In some situati ...

conforming with the

ISO/IEC 7812 ISO/IEC 7812 ''Identification cards – Identification of issuers'' is an international standard published jointly by the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC). It specifies "a ...

numbering standard.

History

EFTPOS technology originated in the United States in 1981 and was rolled out in 1982. Initially, a number of nationwide systems were set up, such as ''Interlink'', which were limited to participating correspondent banking relationships, not being linked to each other. Consumers and merchants were slow to accept it, and there was minimal marketing. As a result, growth and market penetration of EFTPOS was minimal in the US up to the turn of the century. In a short time, other countries adopted the EFTPOS technology, but these systems too were limited to the national borders. Each country adopted various interbank co-operative models. In Australia, in 1984 Westpac was the first major Australian bank to implement an EFTPOS system, at BP petrol stations. The other major banks implemented EFTPOS systems during 1984, initially with petrol stations. The banks' existing debit and credit cards (but only allowed to access debit accounts) were used in the EFTPOS systems. In 1985, the State Bank of Victoria developed the capacity to host connect individual ATMS and helped create the ATM (Financial) Network. Banks started to link their EFTPOS systems to provide access for all customers across all EFTPOS devices. Cards issued by all banks could then be used at all EFTPOS terminals nationally, but debit cards issued in other countries could not. Prior to 1986, the Australian banks organised a widespread uniform credit card, called Bankcard, which had been in existence since 1974. There was a dispute between the banks whether Bankcard (or credit cards in general) should be permitted into the proposed EFTPOS system. At that time several banks were actively promoting MasterCard and Visa credit cards. Store cards and proprietary cards were shut out of the new system. In New Zealand,

Bank of New Zealand Bank of New Zealand (BNZ) is one of New Zealand's Big Four (banking), big four banks and has been operating in the country since the first office was opened in Auckland in October 1861 followed shortly after by the first branch in Dunedin in D ...

started issuing EFTPOS debit cards in 1985 with the first merchant terminals being installed in

petrol stations A filling station, also known as a gas station () or petrol station (), is a facility that sells fuel and engine lubricants for motor vehicles. The most common fuels sold in the 2010s were gasoline (or petrol) and diesel fuel. Gaso ...

First Mobile EFTPOS

In 1996, mobile EFTPOS arrived, with hotels in

installing systems in 1997 and the first example of a pizza delivery in Singapore accepting Visa card via cellular payment in 1998, which was a collaboration between Signet, Visa, Citi Bank, and Dynamic Data Systems, beginning the rollout of mobile systems in Asia. By 2004, Cellular based Eftpos infrastructure had really taken off, and by 2010, Cellular Eftpos had become the standard for the global market. Since 2002, the use of EFTPOS has grown significantly, and it has become the standard payment method, displacing the use of cash. Subsequently, networks facilitating the process of money transfer and payment settlement between the consumer and the merchant grew from a small number of nationwide systems to the majority of payment processing transactions. For EFTPOS, USA based systems allow the use of debit cards or credit cards.

Australia

In Australia, debit and credit cards are the most common non-cash payment methods at “points of sale” (POS) or via ATMs.APCA
Cards and Accepting Devices
Not all merchants provide EFTPOS facilities, but those who wish to accept EFTPOS payments must enter an agreement with one of the many (originally seven) merchant service providers, which rent an EFTPOS terminal to the merchant. The EFTPOS system in Australia is managed by Eftpos Payments Australia Ltd, which also sets the EFTPOS

interchange fee Interchange fee is a term used in the payment card industry to describe a fee paid between banks for the acceptance of card-based transactions. Usually for sales/services transactions it is a fee that a merchant's bank (the "acquiring bank") pay ...

.Proposed changes to the interchange fees standard
For credit cards to be accepted by a merchant a separate agreement must be entered into with each credit card company, each of which has its own flexible merchant fee rate. Eftpos machines for merchants are provided by larger banks and specialists such as Live eftpos. The clearing arrangements for EFTPOS are managed by

Australian Payments Clearing Association Australian Payments Network Limited (AusPayNet), formerly the Australian Payments Clearing Association (APCA) is the self-regulatory body set up by the payments industry to improve the safety, reliability, equity, convenience and efficiency of pa ...

(APCA). The system for ATM and EFTPOS interchanges is called Issuers and Acquirers Community (formerly Consumer Electronic Clearing System; CECS) also called CS3. CECS required authorisations from the

Australian Competition & Consumer Commission The Australian Competition and Consumer Commission (ACCC) is the chief competition regulator of the Government of Australia, located within the Department of the Treasury. It was established in 1995 with the amalgamation of the Australian Tra ...

(ACCC), which was obtained in 2001 and reaffirmed in 2009. ATM and EFTPOS clearances are the made under individual bilateral arrangements between the institutions involved.

Debit cards

Australian financial institutions provide their customers with a

, which can be used as a debit card or as an

ATM card An ATM card is a payment card or dedicated payment card issued by a financial institution (i.e. a bank) which enables a customer to access their financial accounts via its and others' automated teller machines (ATMs) and to make approved point of ...

, and sometimes as a credit card. The card merely provides the means by which a customer's linked bank or other accounts can be accessed using an EFTPOS terminal or ATM. These cards can also be used on some

vending machine A vending machine is an automated machine that provides items such as snacks, beverages, cigarettes, and lottery tickets to consumers after cash, a credit card, or other forms of payment are inserted into the machine or otherwise made. The fir ...

s and other automatic payment mechanisms, such as ticket vending machines. Each Australian bank has given a different name to its debit cards, such as: *

Commonwealth Bank The Commonwealth Bank of Australia (CBA), or CommBank, is an Australian multinational bank with businesses across New Zealand, Asia, the United States and the United Kingdom. It provides a variety of financial services including retail, busines ...

: Keycard *

Westpac Westpac Banking Corporation, known simply as Westpac, is an Australian multinational banking and financial services company headquartered at Westpac Place in Sydney, New South Wales. Established in 1817 as the Bank of New South Wales, it ...

: Handycard *

National Australia Bank National Australia Bank (abbreviated NAB, branded nab) is one of the four largest financial institutions in Australia (colloquially referred to as "The Big Four") in terms of market capitalisation, earnings and customers. NAB was ranked 21st-la ...

: FlexiCard * ANZ Bank: Access card *

Bendigo Bank Bendigo and Adelaide Bank is an Australian financial institution, operating primarily in retail banking. The company was formed by the merger of Bendigo Bank and Adelaide Bank in November 2007. Before the merger, Bendigo Bank delivered its pr ...

: Easy Money card *

St George Saint George (Greek language, Greek: Γεώργιος (Geórgios), Latin language, Latin: Georgius, Arabic language, Arabic: القديس جرجس; died 23 April 303), also George of Lydda, was a Christians, Christian who is venerated as a sa ...

/ Bank of Melbourne/

BankSA BankSA, formerly known as the Bank of South Australia, the State Bank of South Australia and the Savings Bank of South Australia is the largest bank in South Australia. It is a subsidiary of Westpac. History Bank SA, formerly known as The ...

: FreedomCard *

Qudos Bank Qudos Mutual Limited, t/a Qudos Bank, is an Australian mutual bank that provides retail banking products and services, including home loans, personal loans, car loans, credit cards, savings, financial planning assistance and foreign exchange. ...

, Queensland Police Credit Union, Dnister and Indue sponsored financial institutions: Cue Card * CUA, People’s Choice Credit Union, Bank Australia,

Credit Union SA Credit Union SA is a South Australian Credit Union headquartered in Adelaide, with a branch at 400 King William Street, Adelaide. Credit Union SA is South Australia's third largest Credit Union, with over 50,000 members and more than $1 billion ...

, Beyond Bank,

Teachers Mutual Bank Teachers Mutual Bank Limited (formerly the New South Wales Teachers Credit Union) is one of the largest mutual banks in Australia, with more than 200,000 members and assets of over $8 billion. Membership is primarily open to serving ret ...

, Nexus Mutual, and

Cuscal Cuscal Limited is an Australian company that predominantly provides transactional banking, liquidity and capital management services and products to institutional customers including credit unions, mutual banks and superannuation funds. Cusca ...

sponsored financial institutions: rediCARD *

Suncorp Bank Suncorp Bank is a part of the Suncorp Group, with head offices in Brisbane, Australia. From its beginnings in 1902 as the Queensland Agricultural Bank, Suncorp Bank has grown into the sixth largest bank in Australia. History The information i ...

: eftpos Card *

Regional Australia Bank Regional Australia Bank is the trading name of Regional Australia Bank Ltd, a member owned bank with roots in regional NSW and head office located in Armidale, New South Wales, Australia. History Regional Australia Bank's beginnings started wi ...

: Access card Some banks offer alternative debit card facilities to their customers using the Visa or MasterCard clearance system. For example,

St George Bank St.George Bank is an Australian bank with its headquarters in Sydney. Since a 2008 merger, the bank has been part of Westpac, having previously been an independent legal entity. In 2010, St.George was deregistered as a company and ceased to be ...

offers a Visa Debit Card, as does the National Australia Bank. The main difference with regular debit cards is that these cards can be used outside Australia where the respective credit card is accepted. Those merchants that enter the EFTPOS payment system must accept

debit card A debit card, also known as a check card or bank card is a payment card that can be used in place of cash to make purchases. The term '' plastic card'' includes the above and as an identity document. These are similar to a credit card, but u ...

s issued by any Australian bank, and some also accept various

s and other cards. Some merchants set minimum transaction amounts for EFTPOS transactions, which can be different for debit and credit card transactions. Some merchants impose a surcharge on the use of EFTPOS. These can vary between merchants and on the type of card being used, and generally are not imposed on debit card transactions, and widely not on MasterCard and Visa credit card transactions. A feature of a debit card is that an EFTPOS transaction will only be accepted if there is an available credit balance in the bank cheque or savings account linked to the card. Australian debit cards normally cannot be used outside Australia. They can only be used outside Australia if they carry the MasterCard/Maestro/Cirrus or Visa/Plus or other similar logos, in which case the non-Australian transaction will be processed through those transaction systems. Similarly, non-Australian debit and credit cards can only be used at Australian EFTPOS terminals or ATMs if they have these logos or the MasterCard or Visa logos. Diners Club and/or American Express cards will be accepted only if the merchant has an agreement with those card companies, or increasingly if the merchant has modern alternative payment options available for those cards, such as through PayPal. The

Discover Card Discover is a credit card brand issued primarily in the United States. It was introduced by Sears in 1985. When launched, Discover did not charge an annual fee and offered a higher-than-normal credit limit, features that were disruptive to the e ...

is accepted in Australia as a

Diners Club A diner is a small, inexpensive restaurant found across the United States, as well as in Canada and parts of Western Europe. Diners offer a wide range of foods, mostly American cuisine, a casual atmosphere, and, characteristically, a comb ...

card. In addition, credit card companies issue prepaid cards which act like generic gift cards, which are anonymous and not linked to any bank accounts. These cards are accepted by merchants who accept credit cards and are processed through the EFTPOS terminal in the same way as credit cards.

Cash out

A number of merchants permit customers using a debit card to withdraw cash as part of the EFTPOS transaction. In Australia, this facility (known as

debit card cashback Debit card cashback (also known as cash out in Australia and New Zealand) is a service offered to retail customers whereby an amount is added to the total purchase price of a transaction paid by debit card and the customer receives that amount in ...

in many other countries) is known as "cash out". For the merchant, cash out is a way of reducing their net cash takings, saving on banking of cash. There is no additional cost to the merchant in providing cash out because banks charge a merchant a debit card transaction fee per EFTPOS transaction, and not on the transaction value. Cash out is a facility provided by the merchant, and not the bank, so the merchant can limit or vary how much cash can be withdrawn at a time, or suspend the facility at any time. When available, cash out is convenient for the customer, who can bypass having to visit a bank branch or ATM. Cash out is also cheaper for the customer, since only one bank transaction is involved. For people in some remote areas, cash out may be the only way they can withdraw cash from their personal accounts. However, most merchants who provide the facility set a relatively low limit on cash out, generally $50, and some also charge for the service. Some merchants in Australia only allow cash out with the purchase of goods; other merchants allow cash out whether or not customers buy any goods. Cash out is not available in association with credit card sales because on credit card transactions the merchant is charged a percentage commission based on the transaction value, and also because cash withdrawals are treated differently from purchase transactions by the credit card company. (However, though inconsistent with a merchant's agreement with each credit card company, the merchant may treat a cash withdrawal as part of an ordinary credit card sale.)

Cardholder verification

EFTPOS transactions involving a debit, credit or prepaid card are primarily authenticated via the entry of a

personal identification number A personal identification number (PIN), or sometimes redundantly a PIN number or PIN code, is a numeric (sometimes alpha-numeric) passcode used in the process of authenticating a user accessing a system. The PIN has been the key to facilitat ...

(PIN) at the

point of sale The point of sale (POS) or point of purchase (POP) is the time and place at which a retail transaction is completed. At the point of sale, the merchant calculates the amount owed by the customer, indicates that amount, may prepare an invoice f ...

. Historically, these transactions were authenticated by the merchant using the cardholder's signature, as signed on their receipt. However, merchants had become increasingly lax in enforcing this verification, resulting in an increase in fraud. Australian banks have since deployed chip and PIN technology using the global

EMV EMV is a payment method based on a technical standard for smart payment cards and for payment terminals and automated teller machines which can accept them. EMV stands for " Europay, Mastercard, and Visa", the three companies that created th ...

card standard; as of 1 August 2014, Australian merchants no longer accept signatures on transactions by domestic customers at point of sale terminals. As a further security measure, if a user enters an incorrect PIN three times, the card may be locked out of EFTPOS and require reactivation over the phone or at a bank branch. In the case of an ATM, the card will not be returned, and the cardholder will need to visit the branch to retrieve the card, or request a new card to be issued. All debit cards now have a

magnetic stripe The term digital card can refer to a physical item, such as a memory card on a camera, or, increasingly since 2017, to the digital content hosted as a virtual card or cloud card, as a digital virtual representation of a physical card. They share ...

on which is encoded the card's service codes, consisting of three-digit values. These codes are used to convey instructions to merchant terminals on how a card should be processed. The first digit indicates if a card can be used internationally or is valid for domestic use only. It is also used to signal if the card is chip-enabled. The second digit indicates if the transaction must be sent online for authorisation always or if transactions that are below floor limit can take place without authorisation. The third digit is used to indicate the preferred card verification method (e.g., PIN) and the environment where the card can be used (e.g., at point of sale only). Merchant terminals are required to recognise and act on service codes or send all transactions for online authorisation.

Contactless smart card

In the late 2000s, MasterCard and Visa introduced contactless smart debit cards under the brand names MasterCard PayPass and Visa

payWave Visa Inc. (; stylized as ''VISA'') is an American multinational financial services corporation headquartered in San Francisco, California. It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded cred ...

. These payments are made using either electronic payment networks separate from the regular EFTPOS payment networks, or newer EFTPOS with tap sensors, and is an alternative to the previous swipe or chip systems. These networks are operated by MasterCard and Visa, and not by the banks as is the EFTPOS network, through EFTPOS Payments Australia Limited (ePAL). These cards are based on

EMV technology EMV is a payment method based on a technical standard for smart payment cards and for payment terminals and automated teller machines which can accept them. EMV stands for " Europay, Mastercard, and Visa", the three companies that created th ...

and contain a

RFID Radio-frequency identification (RFID) uses electromagnetic fields to automatically identify and track tags attached to objects. An RFID system consists of a tiny radio transponder, a radio receiver and transmitter. When triggered by an electromag ...

chip and antenna loop embedded in the plastic of the card. To pay using this system, a customer passes the card within 4 cm of a reader at a merchant checkout. Using this method, for transactions under a specified limit, the customer does not need to authenticate his or her identity by PIN entry or signature, as on a regular EFTPOS machine. For transactions over the above limit, PIN verification is required. The facility is only available for cards branded with the MasterCard PayPass or Visa payWave logos, indicating that they have the system-permitted embedded chip. ANZ launched an ATM solution based on Visa payWave in 2015, where the customer taps the card on a reader installed at the ATM and inserts their PIN to finalise cash withdrawals. Since 2018, these ATMs work with Apple Pay and Google Pay as well, where a customer taps their NFC-enabled phone instead of their card. Bank debit cards and other credit cards do not currently offer a contactless payment facility. ePAL is developing a contactless payment system for debit cards based on EMV technology as well as an extension of debit cards for use for on-line transactions, and a

mobile payment A mobile payment, also referred to as mobile money, mobile money transfer and mobile wallet, is any of various payment processing services operated under financial regulations and performed from or via a mobile device, as the cardinal class of d ...

system. Using contactless debit cards on tap-and-go terminals routes the transaction through the more expensive credit card system instead of the EFTPOS route, adding to the cost to the merchant, and ultimately the consumer.

History

The name and logo for EFTPOS in Australia were originally owned by Shiyombo Makasa and were

trade mark A trademark (also written trade mark or trade-mark) is a type of intellectual property consisting of a recognizable sign, design, or expression that identifies products or services from a particular source and distinguishes them from others. ...

s from 1986 until 1991. The ownership was for convenience and all the banks used the name and logo (commonly called "fat-E") on their cards and advertising. In 1991, dialup EFTPOS was conceived by Key Corp (John Wood) and deployment of dialup commenced in 1993. Until 1993, communications, connections and transactions between banks, ATM banks and EFTPOS devices where conducted via leased lines (a specific power assisted communication line that detects any attempt to tamper with it) but in 1993, mobile wireless EFTPOS was conceived by Dynamic Data Systems (H. Daniel Elbaum). In 1995, Dynamic Data Systems and the banking industry worked together to implement, certify and introduce protocols and standards for cellular networks, and by 1998, the use of mobile EFTPOS began to appear in Australia. In 2006, Commonwealth Bank and MasterCard ran a six-month trial of the

contactless smart card A contactless smart card is a contactless credential whose dimensions are credit-card size. Its embedded integrated circuits can store (and sometimes process) data and communicate with a terminal via NFC. Commonplace uses include transit tickets ...

system PayPass in

Sydney Sydney ( ) is the capital city of the state of New South Wales, and the most populous city in both Australia and Oceania. Located on Australia's east coast, the metropolis surrounds Sydney Harbour and extends about towards the Blue Mountain ...

and

Wollongong Wollongong ( ), colloquially referred to as The Gong, is a city located in the Illawarra region of New South Wales, Australia. The name is believed to originate from the Dharawal language, meaning either 'five islands/clouds', 'ground near wate ...

, supplementing the traditional EFTPOS swipe or chip system. The system was rolled out across Australia in 2009; other systems being rolled out are Westpac Bank's MasterCard PayPass and Visa

branded cards. In April 2009, a company, “EFTPOS Payments Australia Ltd” (ePal) was formed to manage and promote the EFTPOS system in Australia. ePal regulation commenced in January 2011. The initial members of EFTPOS Payments Australia Ltd were: *

Australia & New Zealand Banking Group The Australia and New Zealand Banking Group Limited (ANZ) is an Australian multinational banking and financial services company headquartered in Melbourne, Victoria. It is Australia's second-largest bank by assets and fourth-largest bank by ma ...

* Australian Settlements Limited * Bank of Queensland *

Bendigo & Adelaide Bank Bendigo and Adelaide Bank is an Australian financial institution, operating primarily in retail banking. The company was formed by the merger of Bendigo Bank and Adelaide Bank in November 2007. Before the merger, Bendigo Bank delivered its pro ...

* Cashcard *

Citigroup Citigroup Inc. or Citi (Style (visual arts), stylized as citi) is an American multinational investment banking, investment bank and financial services corporation headquartered in New York City. The company was formed by the merger of banking ...

Coles Group Coles Group Limited is an Australian public company operating several retail chains. Its chief operations are primarily concerned with the sale of food and groceries through its flagship supermarket chain Coles Supermarkets, and the sale of l ...

* Indue *

Suncorp-Metway Suncorp Group Limited is an Australian finance, insurance, and banking corporation based in Brisbane, Queensland, Australia. It is one of Australia's mid-size banks (by combined lending and deposits) and its largest general insurance group, fo ...

* Woolworths The current members of EFTPOS Payments Australia Ltd are: *

Adyen Adyen is a Dutch payment company with status of an acquiring bank that allows businesses to accept e-commerce, mobile, and point-of-sale payments. It is listed on the stock exchange Euronext. Adyen offers merchants online services for merchan ...

* Australian Settlements Limited * Bank of Queensland *

* EFTEX *

First Data First Data Corporation is a financial services company headquartered in Atlanta, Georgia, United States. The company's STAR Network provided nationwide domestic debit acceptance at more than 2 million retail POS, ATM, and Online outlets for nea ...

Network Australia * Indue *

ING Australia ING Bank (Australia) Limited ( trading as ING since 2017, and as ING DIRECT 1999–2017) is a direct bank operating in Australia. It is a wholly owned subsidiary of the multinational Dutch bank, ING Group. ING Australia holds an Australian banki ...

PayPal PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper ...

* Tyro Payments *

* Woolworths In Australia, store cards have been excluded from participation in the EFTPOS and ATM systems. Consequently, several larger store accounts have entered into co-branding arrangements with credit card networks for the store-based accounts to be widely accepted. This was the case with Coles (previously, Coles-Myer) which co-branded with MasterCard,

Myer Myer (stylised MYER, sometimes known as Myers) is an Australia, Australian mid-range to upscale department store chain. It trades in all Australian states and one of Australia's two self-governing territories. Myer retails a broad range of ...

which co-branded with Visa, and David Jones which co-branded with American Express. Woolworths organised its credit card called

Everyday Rewards Everyday Rewards, formerly Woolworths Rewards, is a customer loyalty program owned and operated in Australia by Woolworths Group. Members can earn points in the program from Woolworths Group companies (Woolworths Supermarkets, Big W, BWS, etc) ...

(now Woolworths Money) which initially was partnered with credit provider

HSBC Bank HSBC Bank may refer to any one of the following principal local banks or divisions of the HSBC Group: Asia-Pacific * HSBC (Hong Kong) ** PayMe, its local payment service * HSBC Bank (China) * HSBC Bank Australia * HSBC Bank India * HSBC Bank M ...

, but changed on 26 October 2014 to

Macquarie Bank Macquarie Group Limited () is an Australian global financial services group. Headquartered and listed in Australia (), Macquarie employs more than 17,000 staff in 33 markets, is the world's largest infrastructure asset manager and Australia's ...

Usage

As of June 2018, there were 961,247 EFTPOS terminals in Australia and 30,940 ATMs. Of the terminals, over 60,000 offered cash withdrawals. In 2010, 183 million transactions, worth A$12 billion, were made using Australian EFTPOS terminals per month. In 2011, these figures increased to 750,000 terminals, with 325,000 individual businesses, processing over 2 billion transactions with combined value of approximately $131 billion for the year.

Network

The EFT network in Australia is made up of seven proprietary networks in which peers have interchange agreements, making an effective single network.RBA paper on Australian Payment systems
A merchant who wishes to accept EFTPOS payments must enter an agreement with one of the seven merchant service providers, which rent the terminal to the merchant. All the merchant's EFTPOS transactions are processed through one of these gateways. Some of these peers are: *

* Cuscal * First Data Network Australia (formerly Cashcard) * Other Other organisations may have peering agreements with the one or more of the central peers. The network uses the

AS 2805 {{Use dmy dates, date=April 2022 AS 2805 ''Electronic funds transfer - Requirements for interfaces'' is the Australian standard for financial messaging. It is near-exclusively used in Australia for the operation of card-based financial transactions ...

protocol, which is closely related to

ISO 8583 ISO 8583 is an international standard for ''financial transaction card originated'' interchange messaging. It is the International Organization for Standardization standard for systems that exchange electronic transactions initiated by cardholde ...

New Zealand

EFTPOS is highly popular in New Zealand. The system is operated by two providers, Paymark Limited (formerly Electronic Transaction Services Limited) which processes 75% of all electronic transactions in New Zealand, and EFTPOS New Zealand. Although the term eftpos is popularly used to describe the system, EFTPOS is a trademark of EFTPOS New Zealand, the smaller of the two providers. Both providers run an interconnected financial network that allows the processing of not only of debit cards at point of sale terminals but also

s and

charge card A charge card is a type of credit card that enables the cardholder to make purchases which are paid for by the card issuer, to whom the cardholder becomes indebted. The cardholder is obligated to repay the debt to the card issuer in full by the ...

History

The

introduced EFTPOS to New Zealand in 1985 through a pilot scheme with petrol stations. In 1989 the system was officially launched and two providers owned by the major banks now run the system. The larger of the two providers, Paymark Limited (formerly Electronic Transaction Services Limited), is owned by French company

Ingenico Ingenico is a merchant services technology company based in France, that facilitates secure electronic transactions. The company expanded as a manufacturer of point of sale (POS) payment terminals to also include complete merchant payment Saa ...

, following its sale in 2018 by

ASB Bank ASB Bank Limited, commonly stylised as ASB, is a bank owned by Commonwealth Bank, Commonwealth Bank of Australia, operating in New Zealand. It provides a range of financial services including retail, business and rural banking, funds managem ...

, Bank of New Zealand and ANZ Bank New Zealand (formerly ANZ National Bank). The second is operated by EFTPOS New Zealand, which is fully owned by

VeriFone Verifone is an American multinational corporation headquartered in Coral Springs, Florida. Verifone provides technology for electronic payment transactions and value-added services at the point-of-sale. Verifone sells merchant-operated, consume ...

Systems, following its sale by ANZ New Zealand in December 2012. 1995 was the first deployment of cellular Eftpos in NZ, by Dynamic Data Systems. During July 2006 the five billionth EFTPOS payment was processed, and at the start of 2012 the 10 billionth transaction was processed.

Usage

EFTPOS is highly popular in New Zealand, and being used for about 60% of all retail transactions. In 2009, there were 200 EFTPOS transactions per person. Paymark process over 900 million transactions (worth over NZ$48 billion) yearly. More than 75,000 merchants and over 110,000 EFTPOS terminals are connected to Paymark.

Singapore

, NETS was founded in 1985 by a consortium of the country's local banks of

DBS Bank DBS Bank Limited, often known as DBS, is a Singaporean multinational banking and financial services corporation headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore. The bank was previously known as The De ...

OCBC Bank Oversea-Chinese Banking Corporation, Limited (), often known as OCBC Bank (), is a Singaporean multinational banking and financial services corporation headquartered in OCBC Centre, Singapore. OCBC Bank was born out of the Great Depression thr ...

and United Overseas Bank (UOB) to establish the debit network and drive the adoption of electronic payments in Singapore.

History

NETS was officially launched on 18 January 1986, allowing millions of ATM card holders in Singapore to make transactions through the initial network of 195 terminals located in various retail outlets and by 1993, consumer spending through NETS reached S$1.14 billion.Nets rings up record $1.14b in consumer spending.
The Business Times, p. 2. January 21, 1993. Retrieved from NewspaperSG. Accessed on June 3, 2018.

Usage

The nationwide acceptance infrastructure is the largest in Singapore and includes 54,000 Unified Point-of-Sale (Unified POS) terminals and 94,000 QR acceptance points. In 2011, NETS’ debit system was designated as national payment system by the

Monetary Authority of Singapore The Monetary Authority of Singapore (MAS) is the central bank and financial regulatory authority of Singapore. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well ...

(MAS).

References

External links

* {{Interbank networks Debit cards Financial services companies of Australia Financial services companies of New Zealand Financial services companies of Singapore Interbank networks Payment systems Point of sale companies American inventions 1981 introductions

History

First Mobile EFTPOS

Australia

Debit cards

Cash out

Cardholder verification

Contactless smart card

History

Usage

Network

New Zealand

History

Usage

Singapore

History

Usage

See also

References

External links