Eftpos to go online

MICHAEL FOREMAN
Last updated 14:25 19/08/2014

Relevant offers

Money

Annoyed by too much ice in your drink? Just say no Contact Energy increases price of electricity bill Teach your kids to be money-smart Kiwi farmers sue for $33 million over Facebook scam Duncan Garner: Some home truths for a Government missing in action Budget Buster: KiwiSaver for kids is a waste of time and money NZX Ralec grain firm battle finally in court Migrant says it's not fair no one will accept blame for lax tax advice How tech is going to change insurance Savers do not understand what they are paying for KiwiSaver, experts say

Consumers will soon be able to use their eftpos cards to shop online, with a new service being launched by bank-owned card-payment operator Paymark early next year.

The online eftpos service, which is being developed with ASB, BNZ and TSB banks, will allow anyone with a New Zealand bank account to shop online without having to have a credit card, Paymark said.

Paymark chief executive officer Mark Rushworth said online retailers would benefit from the eftpos payment option as it would make online shopping accessible to more potential customers. It was also expected to lower the incidence of "checkout abandonment", where customers left a shopping site when they were asked to provide their credit-card details.

Paymark said the online eftpos payments service would be integrated with existing mobile banking applications. Customers would not need to reveal their bank account information to merchants when they were shopping.

ASB general manager of technology Russell Jones said the service would benefit customers and retailers alike.

"Online eftpos is a natural progression of a payment method first introduced in 1989 and now well embedded in Kiwi day-to-day life," Jones said.

Paymark said a pilot of the service was planned for late November before it was launched as an industry-wide, pan-bank service early next year. Other banks were expected to join the service soon.

Ad Feedback

- Stuff

Comments

Special offers

Featured Promotions

Sponsored Content