Eftpos to go online

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

Relevant offers

Money

Face Value: Perpetual Guardian's Andrew Barnes on the perils of false optimism Financial nightmare of being wrongly accused of a crime Campaign group questions Campbell Park Estate sale Buy this beach: What you need to know Caged egg ban could cost families up to $164 a year - SAFE Rising fruit and veg prices see price of food jump in January Waitangi weekend drew out the shoppers $2.3m fraud accused a 'blue collar worker who wanted to get on with job' New investors opt in to NZX fund saving plans Keep your eyes on long-term investing goal and don't worry about short-term wobbles

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