Eftpos Payments Australia to roll out EMV in 2013
- 18 July, 2012 17:01
Payment provider, Eftpos Payments Australia, has confirmed that it will be introducing card security chip technology EMV (Europay, MasterCard and Visa), and contactless card payment options to Australians during 2013.
EMV is the global standard used by card providers for integrated circuit (IC) debit and credit cards used with point of sale (POS) terminals. MasterCard Australia has indicated that all of its cards and payment terminals would be upgraded to EMV by April 2013.
Speaking at BankTech2012 in Sydney, Eftpos Payments Australia chief executive, Bruce Mansfield, told delegates that the company was in the second phase of its EMV pilot program which includes the introduction of contactless payment technology. “We should finish pilots by the end of 2012 and look to implementation in 2013,” he said.
“Many consumers as well as members of Eftpos Payments Australia had been calling for EMV and contact less payment at the same time to give consumers choice.”
In addition, the company was planning to take on what Mansfield said was its biggest rival — cash. Citing statistics from the Reserve Bank of Australia (RBA) Payment Systems Board Report 2011, he said 64 per cent of all household transactions in Australia were still made with cash.
This was partly because in Australia, Eftpos payments frequently must be $10 or over. However, he suggested that the payments industry in Australia adopt the New Zealand model where Kiwis can buy items under $10 using their Eftpos system.
“The only thing that is different in New Zealand is that Eftpos has always been a low cost payment option versus competitive products and the payments system has a very centralised infrastructure,” Mansfield said.
“The RBA recently announced that it would like to see more centralised infrastructure [of the payment card industry] and a level of competition between various payment systems which tends to deliver lower cost payment products,” he said.
According to Mansfield the average amount spent on Eftpos sat at the $50 mark but his company wanted to get that transaction level below $10.
To get more Australians using Eftpos, he said the company would need to look at issues including safety, speed, convenience and cost.
“We don’t want to have a transaction for $10 with a 50 cent surcharge, that is not an efficient outcome,” he said.
Follow Hamish Barwick on Twitter: @HamishBarwick
Follow CIO Australia on Twitter: @CIO_Australia
Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.
- Six Reasons to Empower Your SharePoint Citizen Developers
- Benefits of Deploying Microsoft Exchange Server 2010 on Dell Compellent with Data Progression
- Best Practices for Migrating to SharePoint 2013
- 2013 Global Information Security Survey: Initial findings
- Batten Down the Hatches! A Guide to Protecting Data in Motion
Larry Page wants to see your medical records
Dual-Persona Smartphones Not a BYOD Panacea
After two-year hiatus, EFF accepts bitcoin donations again
CIOs struggle to deliver timely mobile business apps: survey
Spiceworks' free management software gets integrated MDM
Mobile Load - Performance Testing for Mobile Applications
Key mobile trends and analysis on how performance testers must change their testing methodologies to ensure they are accounting for the changes caused by mobile usage. Download today.
The Foundation for Cloud Management
For businesses looking to provide real-time business solutions to employees and customers alike, you need to have a comprehensive network management strategy. The network is the foundation of all successful cloud services; it must be robust to meet traffic, efficiency, and performance demands. Download today the four steps to get your network operations cloud-ready.
Agentless Security for Virtual Environments
Virtualised datacentres, desktops, and cloud computing should be secured by the same strong protection technologies as physical machines. However, traditional agent-based solutions that are not architected for virtualisation can result in a number of significant operational security issues. Find out more about the first agentless security platform solution.