Secure electronic transaction solutions provider Keycorp Limited (ASX: KYC) today announced the Commonwealth Bank of Australia (CBA)had ordered 10,000 new generation K71X EFTPOS terminals.
The CBA's largest single order of Keycorp terminals will take the total number of K71 terminals deployed with the bank's merchant customers to about 90,000. This makes the K71 the most widely used EFTPOS terminal in the bank's fleet.
The K71X introduces a range of features, including support for the bank's portfolio of XPOS value-added services. It is also the first CBA EFTPOS terminal to employ the highest Data Encryption Standar (DES) - Triple-DES - to protect electronic transactions.
Keycorp spent a year developing the hardware and software specifically for the CBA and expects about 20,000 of the new terminals to be in place with the bank's merchant customers by the end of this year.
The Keycorp terminals can deliver a range of CBA valued-added POS services under the XPOS banner. XPOS offers a suite of more than 150 products including gift cards, mobile and home phone recharge, calling cards, Internet recharge, ring tones, road toll passes, magazine subscriptions, fishing licences and prepaid tourist attraction tickets.
Last month CBA launched an addition to the XPOS family – the BPOINT over-the-counter bill payment service - which is also supported by the Keycorp K71X terminal. BPOINT allows merchants such as newsagents, pharmacies and convenience stores to process their customers' household bills at the counter.
Rohan Ganeson, General Manager, Payment Solutions, at Keycorp, said the earlier models of the K71 range of EFTPOS terminals had proven themselves over many years and were popular with the bank's merchants because they were reliable and robust.
"The new generation K71 terminal has built on that strong foundation with support for a wide range of value-added services," Mr Ganeson said. "There is a rapidly growing market for value-added services at the point of sale because they drive additional traffic to the stores.
"Through XPOS, the terminal can act as a "virtual store", dispensing an ever expanding range of products. Because the K71X terminals comply with the latest EMV and Triple DES security standards, they equip merchants for the future."