EFTPOS cards Australia

Australian financial institutions have begun to roll out cards featuring the new eftpos Chip, in an industry effort to provide consumers with more payment choices and further improve security on eftpos-only cards.

Over the next few years the new eftpos Chip technology will be added to new and replacement cards (credit and debit) that can be used to make eftpos CHQ and SAV transactions.

The eftpos Chip enables a range of new possibilities for the future because it has the capability to carry multiple applications for the first time. The chip will also bring contactless payments capability to eftpos-only cards for the first time.

Point of sale terminals across Australia are also being upgraded with the eftpos Chip technology. This will help to further reduce eftpos fraud, which is already the lowest in the country.

In FY15, Australians made more than 6 million eftpos CHQ and SAV transactions every day, via more than 39 million eftpos-enabled cards and around 900, 000 terminals across the country. On that basis, eftpos is Australia’s most used payment option at checkouts across the country.

Security
Over the next few years the new eftpos Chip is being rolled out on eftpos-only cards and will also replace the old chips currently in multi-network cards. It is another part of the industry’s work to improve security against card skimming fraud.

Choice and flexibility
The new eftpos Chip enables a range of new possibilities for the future because it has the capability to carry multiple applications for the first time. The chip will also bring contactless payments capability to eftpos-only cards for the first time.

Hard buttons to soft screens
Older style “hard button” payment terminals around Australia are currently being upgraded to a new generation of softscreen terminals. These new terminals will respond to the eftpos Chip to create a more dynamic customer experience at point of sale.

This means the old “CHQ, SAV and CREDIT” hard buttons will now be replaced by a more versatile soft screen display.

Consumers and merchants may notice minor differences in the way their accounts are displayed – in most cases moving to eftpos CHQ, eftpos SAV, (credit company) Debit. Rest assured that by continuing to press CHQ or SAV, you are continuing to use eftpos.