Contactless Payments to be Introduced in 2013

By Bizclik Editor

The year 2012 will now be known as the final year when it was necessary to remove your credit card to make a purchase.

Slated to begin next year, payment provider Eftpos Payments Australia will implement contactless card payment options using Europay, MasterCard and Visa (EMV).

According to the company’s CEO Bruce Mansfield who spoke at Sydney’s BankTech2012 conference, the concept has been in the works for quite some time.

“Many consumers as well as members of Eftpos Payments Australia had been calling for EMV and contact less payment at the same time to give consumers choice,” Mr Mansfield said.

 “We should finish pilots by the end of 2012 and look to implementation in 2013.”

SEE RELATED STORIES FROM THE WDM CONTENT NETWORK:

Click here to read the latest issue of Business Review Australia

The transition to contactless payments may come with an added convenience already in practice over in New Zealand: making an under-$10 purchase using Eftpos.

“The only thing that is different in New Zealand is that Eftpos has always been a low cost payment option versus competitive products and the payments system has a very centralised infrastructure,” Mr Mansfield said to Computerworld.

“The RBA recently announced that it would like to see more centralised infrastructure [of the payment card industry] and a level of competition between various payment systems which tends to deliver lower cost payment products.”

There are still kinks to iron out in the system to ensure that customers are not charged high surcharges for small purchases, but contactless payments may very well be a reality across Australia this time next year.

Share

Featured Articles

Hybrid live event shaping the future of Sustainability & ESG

Sustainability LIVE London returns for a two-day, multi-track conference programme featuring inspirational ESG speakers, debates and discussions

Nine must-attend sustainability events for business leaders

From London to Abu Dhabi, Singapore to San Diego, these sustainability-focused events are designed to help business leaders action their ESG goals

Daniel Weise of BCG on new supply chain and procurement book

Daniel Weise, global leader of Boston Consulting Group’s procurement business line, on the timely publication of his new book, Profit From The Source

Attract and retain talent with flexible working and benefits

Human Capital

Nurturing the next generation of women leaders in Africa

Leadership & Strategy

5 Mins With: Cybersecurity expert Ariel Parnes of Mitiga

Technology