Paymark takes EFTPOS payment online

Paymark is set to launch EFTPOS online next year allowing those with a New Zealand bank account to purchase online without having to have a credit card.

The initiative is currently being developed with three of New Zealand’s largest banks, ASB, BNZ and TSB and will allow banks to offer a new way for their customers to pay for online goods and services instantly in real-time using their existing bank accounts and their mobile device.

A pilot is planned for late November with the official launch planned for early 2015.

Online EFTPOS payments work through secure digital “tokens” meaning customers don’t need to reveal their financial details (including bank account information) to merchants when they are shopping. And because Online EFTPOS is integrated with the mobile banking application, only financial institutions are privy to account details.

Paymark’s Chief Executive Officer Mark Rushworth says the online EFTPOS payment option will make internet shopping attainable for anyone with a New Zealand bank account.

Online retailers will also benefit from the new payment option as it will make online shopping accessible to a larger number of potential customers and lower checkout abandonment.

Paymark has run one of the most successful payments network in the world for the past 25 years. Because of the company’s ability to offer efficient payment solutions to all banks, merchants and consumers, New Zealand has the highest penetration of retail electronic payment solutions in the world.

ASB’s executive general manager of technology and innovation, Russell Jones says ecommerce was the fastest-growing payment category last year, as merchants move more of their business presence to the web.

“Online EFTPOS is a natural progression of a payment method first introduced in 1989 and now well embedded in Kiwi day-to-day life,” Rushworth adds.

“The EFTPOS online initiative we are launching with Paymark is another New Zealand first that will be great for merchants and our customers.”

Paymark will be launching EFTPOS online as an industry wide, pan bank service and will look to bring on other banks over the coming months.

Follow Us
on Google+
Sponsored

Review: Sony Xperia Z2

NetGuide Smartphones are all about compromise these days. Fitting a hi-res screen, camera and huge battery into increasingly lighter handsets isn’t easy, and usually, something has to give.   Read More →

Review: LifeTrak C410 Fitness tracker

NetGuide The C410 is a fitness tracker first and a watch second. Because of this it not only tells the time, but also tracks almost everything a fitness nut would need to know.
Amongst the many stats tracked are Steps. Calories are measured too as are distances covered. There’s a sleep tracking function, plus heart rate monitoring.   Read More →

Android App Review: Writing Prompts

NetGuide Writing Prompts is one of those obviously-named apps that gives you exactly what the name suggests and nothing more. If you want some help getting started with your creative writing, then the Writing Prompts app might be able to help.   Read More →