EFTPOS
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EFTPOS (Electronic Funds Transfer at Point of Sale) is an Australian and New Zealand financial network for processing credit cards, debit cards and charge card payments at "Point of Sale" and transacting at ATMs.[1] EFTPOS also allows users of the system to withdraw cash at the time of purchasing a product or service through the merchant's EFTPOS terminal.[2] This functionality is called debit card cashback in other countries.
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[edit] History
The name and logo for EFTPOS in Australia were originally owned by the National Australia Bank and were trade marks from 1986 until 1991[3]. In April 2009 a company was setup to manage and promote EFTPOS - "EFTPOS Payments Australia"[4]. The initial members of EFTPOS Payments Australia are:
- Australia and New Zealand Banking Group
- Australian Settlements Limited
- Bank of Queensland
- Bendigo and Adelaide Bank
- Cashcard
- Citigroup
- Commonwealth Bank of Australia
- Coles Group
- Cuscal
- Indue
- National Australia Bank
- Suncorp-Metway
- Westpac Banking Corporation
- Woolworths
[edit] Usage
There are over 60,000 participating EFTPOS outlets in Australia [5] and 665,054 EFTPOS terminals[6] as of March 2009. In 2008, Australian EFTPOS terminals were responsible for 144.6 million transactions[7] worth $ 9.8 billion AUD[8] per month.
[edit] Network
The EFT network in Australia is made up of seven proprietary networks in which peers have interchange agreements, making an effective single network[9]. Some of these peers include:
- Australia and New Zealand Banking Group
- Commonwealth Bank of Australia
- Cuscal
- FDI (Cashcard)
- National Australia Bank
- Westpac Banking Corporation
- Other
Other organisations may have peering agreements with the one or more of the central peers.
The network uses the AS 2805 protocol.
[edit] Other Usage
European banks and card companies also sometimes reference "EFTPOS" as the system used for processing card transactions through terminals on points of sale, though the system is not the trademarked Australian/New Zealand variant.
[edit] References
- ^ EFTPOS. Merchant banking services. EFTPOS. Bank of Queensland Australia
- ^ Nab - Eftpos
- ^ ATMOSS - Australian Trade Mark Online Search System
- ^ APCA PaymentsMonitor publication - Industry establishes new company to manage EFTPOS
- ^ Nab - Eftpos
- ^ APCA ATM and EFTPOS statistics
- ^ APCA Card Transaction Volume
- ^ APCA Card Transaction Value
- ^ RBA paper on Australian Payment systems
