eftpos is revamping its network payment system by building a centralised payments hub in hope to revitalise the company’s core network and bring new domestic products to market faster.
Reserve Bank of Australia together with Australia's three major debit card networks - eftpos, MasterCard and Visa - have come to a voluntary agreement over dual-network debit cards.
eftpos is rewarding customers for dining with partner restaurants.
Australians made about $250,000 worth of eftpos transactions almost every minute of every day during the month of July, setting a new record for eftpos transaction volumes outside of the traditionally busy Christmas period.
While February eftpos results have declined slightly from January as spending returns to "normal" after the traditional holiday period, the results were still strong.
This comes after Australia's major banks demand for more power to self-regulate the EFTPOS industry, despite evidence showing consumers and retailers are being burnt in the current regime.
Australians are trending towards using debit to pay for goods and services, according to eftpos as January 2012 figures indicate a 9.8 per cent increase in eftpos transactions compared to the same period in 2011.
ePAL indicated that eftpos transactions volumes grew from 178.2 million to 180.7 million from April to May.
EPAL has announced a new multilateral interchange fee model for eftpos transactions, part of a package of measures to strengthen the competitiveness of the popular system.
EPAL board members are made up of representatives of four banks - Commonwealth Banks, National Australia Bank, ANZ, Bendigo Adelaide Bank - indicating that the decisions being made for the eftpos market are bias.
In a recent meeting, the Payments System Board of the RBA discussed date reporting requirements imposed by international card schemes on some transactions through the eftpos system, and brand fees imposed by one scheme on those transactions.
Pressing cheque or savings at the point of sale is the safest and most secure point of sale payment option for Australian consumers, according to the Australian Payments Clearing Association.
Fraud squad detectives are warning consumers and retailers to be vigilant around EFTPOS terminals after a string of recent incidents in NSW.