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3885 posts

Uber Geek

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  # 1917451 12-Dec-2017 14:25
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Gordy7:

Aredwood: Easiest way of thinking about it, is imagine your physical card contains multiple virtual cards. And pressing Cheque, savings, or credit. Is the method that tells the system which one of your virtual cards to use.

And paywave is always the same as pressing Credit.


Interesting. Today's Paywave transaction using my debit card debited my savings account.


 



That transaction would have been processed via the credit card payments system. Instead of the eftpos payment system. Which is an important distinction to make. Even though from your point of view, the end result is the same. Imagine that your debit card also contains an eftpos card. 2 completely separate ways of paying despite them being combined into 1 physical card, and both being linked to the same bank account.

Note that there are lots of overseas countries that don't have a widespread equivalent to the NZ eftpos network. In those places, if you don't want a credit card, or can't get one due to a low credit rating. A debit card means that you can still buy things without needing cash.

While In NZ debit cards are relatively new compared to eftpos. As the only advantage of a debit card compared to eftpos is being able to use it to buy things on the internet and over the phone.







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Ultimate Geek

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  # 1917478 12-Dec-2017 15:04
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Thanks sbiddle and aredwood for your help and info

 

Found a couple of good Wikis: Eftpos and Debit Card.

 

https://en.wikipedia.org/wiki/EFTPOS

 

https://en.wikipedia.org/wiki/Debit_card

 

There has been a lot of developments over the years.

 

Interesting how you can get by as an end user without understanding much about the underlying technology.

 

 

 

 





Gordy


 
 
 
 


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  # 1917481 12-Dec-2017 15:10
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Westpac starting showing the transactions real time on their app recently. It's quite useful.

 

 




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Ultimate Geek

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  # 1917482 12-Dec-2017 15:14
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rendezvous:

 

Westpac starting showing the transactions real time on their app recently. It's quite useful.

 

 

 

 

The BNZ Paywave transaction today was available by the time I got home (30 min).

 

A year or so ago Paywave transactions took over 24 hours to appear on my acoount.

 

 





Gordy


Stu

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  # 1917493 12-Dec-2017 15:31
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BNZ have recently changed this with their debit cards so you can see PayWave transactions sooner.

You can change which accounts are attached to the debit card and how they're accessed when using EFTPOS terminals (selecting cheque/savings). Do this through the app or through internet banking.




Keep calm, and carry on posting.

 

 

 

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  # 1917517 12-Dec-2017 16:08
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Note too that the retailer is paying more for a Paywave transaction than an EFTPOS one. 


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  # 1917874 13-Dec-2017 09:47
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Stu: BNZ have recently changed this with their debit cards so you can see PayWave transactions sooner.

You can change which accounts are attached to the debit card and how they're accessed when using EFTPOS terminals (selecting cheque/savings). Do this through the app or through internet banking.

 

My BNZ debit card has shown transactions quickly for a few months at least.  Late last year a cafe operator and I disagreed whether I had paid for my meal at time of ordering.  I was able to open the app and show him the transaction.  It didn't improve his demeanour but at least he knew he had been paid.





Mike

 
 
 
 


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  # 1920411 15-Dec-2017 23:16
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rendezvous:

 

Westpac starting showing the transactions real time on their app recently. It's quite useful.

 

 

 

They had this for quite some time.  Whenever my wife or I swipe or wave the magic plastic my phone *instantly* displays an alert from the app.  It's great for confirmation of how much you've paid for something over the counter.


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