Australia's Commonwealth Bank has released Xpos, a new service that enables retailers to sell products such as prepaid phone top-ups, calling cards, tolling passes and cinema tickets, over their existing eftpos terminals.
The Xpos system turns the Eftpos terminal into a virtual store. Products are delivered through the terminal in the form of a printable voucher or magnetic strip gift card.
Commonwealth Bank says the technology will provide retailers with an additional revenue stream - allowing them to sell over 45 products and services - while at the same time eliminating up-front capital costs and stock concerns.
The Xpos solution was developed by the bank in partnership with electronic payments technology firm Intellect Australia. The services are provided by Touchcorp and E Com Industries.
New products and services will be delivered to Xpos merchants as they become available. Bruce Munro, the bank's executive general manager, working capital services, says: "Commonwealth Bank will also be introducing a bill payment facility, providing a convenient one-stop experience for customers wanting to pay their bills over the counter."
Xpos is similar to a service launched by Australia's St George Bank in 2002. Developed in conjunction with Touchcorp, the service allows retailers to sell over 30 products - including phone cards and lottery tickets - over St George Bank's Eftpos terminals.