Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.
Paymark to take EFTPOS payment online
Posted on 19-Aug-2014 10:49 | Tags Filed under: News



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, secure, convenient and simpler 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.

Paying online via EFTPOS will be secure and simple. 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.

“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.






comments powered by Disqus


Trending now »

Hot discussions in our forums right now:

Driving an automatic - do you use one foot or both?
Created by geekIT, last reply by Geektastic on 22-Sep-2017 23:25 (134 replies)
Pages... 7 8 9


iPhone 8/iPhone X, impressions?
Created by surfisup1000, last reply by mattwnz on 23-Sep-2017 00:08 (401 replies)
Pages... 25 26 27


Auckland Airport fuel supply obliterated by digger
Created by Batman, last reply by k1wi on 23-Sep-2017 03:12 (220 replies)
Pages... 13 14 15


How to backup/copy an iphone app?
Created by Batman, last reply by scuwp on 19-Sep-2017 19:37 (24 replies)
Pages... 2


Mighty Ape Birthday hunt 2017
Created by ThePlague, last reply by joshhill96 on 21-Sep-2017 23:11 (22 replies)
Pages... 2


IOS 11 email client and Office 365 - heads up people
Created by gjm, last reply by mattwnz on 20-Sep-2017 17:15 (18 replies)
Pages... 2


When did we become America
Created by BTR, last reply by Fred99 on 22-Sep-2017 12:12 (66 replies)
Pages... 3 4 5


Sky blames piracy for lost customers. Sky: it's time to wake up and smell the coffee.
Created by kingdragonfly, last reply by Rikkitic on 21-Sep-2017 11:10 (482 replies)
Pages... 31 32 33