EFTPOS to trial mobile payment technology

Tuesday 14 May 2013

Article by Mozo

The next big step for mobile wallets could be on its way with the news that EFTPOS, the electronic payment system for debit cards and credit cards, will soon be trialling its own version of a mobile payment system, according to Inside Retailing.

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Although a number of mobile wallet payment systems now exist by major players such as Visa, MasterCard and even Coles, the Near Field Communication (NFC) payment option is still not commonly available in a a large number of retail stores. But with over 30 million EFTPOS cards in the marketplace, EFTPOS could be just the player to help push NFC payment technology into the mainstream.

"We want to do a number of proof of concept trials to cover a range of possibilities," said EFTPOS CEO Bruce Mansfeild. "Some retailers are already using mobile payments, the real question is what are they really looking for  in the Australian market, and that's what these trials are going to find out," he said.

The new system by EFTPOS would give retailers and financial institutions the option to create their own branded app-based system and can interact with existing digital wallets, according to Business Spectator.

While it was speculated that mobile payment systems would become more prominent in 2013, the need to compare credit cards and debit cards is still as relevant as ever for Australians, to make sure they are not getting a bad deal on interest rates, fees and charges. Find a better debit card or credit card on Mozo.

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