Eftpos rolls out digital payment service
Australian debit card company Eftpos has made its first play in the digital payment realm with the roll out of its digital payment service to banks and retailers.
The service will allow merchants to process regular card-on-file payments, which is when a card is stored by the merchant or payment provider.
Almost 40 Australian banks, including Suncorp, have already signed up for the service, which will mean their cards can be processed through Eftpos’ digital payment system.
Eftpos boss Stephen Benton boasted how dozens of Australian businesses, including Aussie Broadband and Cluey Learning, have also begun processing payments through the service.
“Eftpos is synonymous with low cost debit card payments in-store at retailers across Australia, and we’re excited to start making headway in the digital payment space,” he said.
Benton touted how using Eftpos’ digital payments system will be a more affordable alternative to major credit card networks.
“It is early days but the service will increasingly enable more small and medium businesses to have Australia’s most popular cards — multi-network debit cards — processed by Eftpos, and potentially deliver significant cost savings,” he said.
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