Australia's eftpos takes on PayPal with online payments system

Australia's eftpos takes on PayPal with online payments system

Australian point-of-sale payments provider eftpos is moving online, testing a new system for web-purchases at supermarket chain Coles.

Eftpos - which is owned by 14 of country's largest banks and retailers - accounts for almost 80% of debit card transactions processed at the point-of-sale in Australia.

Now it is taking on PayPal with a system that lets users make online payments with a username and password, without having to enter their card details. The platform also offers real-time transaction updates on bank accounts and the ability for merchants and consumers to set their own limits to trigger additional security features.

After eight months of testing with banks and retailers, the first trial will see 350 people use the service when shopping on Coles' website. Banks ANZ and CBA are also prepping pilots ahead of a commercial rollout next year.

Bruce Mansfield, CEO, eftpos, says: "These trials are about finding the best online experience for Australian merchants and consumers and offering them a new payments choice that has been specifically designed for this market."

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