Last August, iTWire reported that eftpos would launch a range of security features in November.
The online security capability brings to life the features designed to keep Australians safe in the digital economy including two factor authentication capability for merchants and their customers.
According to eftpos, its new sovereign debit scheme online follows the Reserve Bank of Australia’s decision in October that Australian banks are expected to offer and promote Least Cost Routing (LCR) in online by the end of 2022.
eftpos chief executive Stephen Benton says the support of banks, FinTechs, and payments providers like Till Payments, Fat Zebra, and Eftex will help the solution scale quickly in the Australian market next year and provide benefits for merchants and consumers, including LCR.
Benton adds that eftpos’ extension further into online payments will quickly drive much needed large-scale competition and should place downward pressure on transaction costs.
“This is a game changer for eftpos and Australian retailers because retail is quickly transforming to become an increasingly digital marketplace, accelerated by COVID. Big economic benefits could flow from increased competition in addition to enhanced payments security,” Benton says.
“Our suite of world class e-commerce products and services are part of a $100m eftpos funded digital upgrade to deliver the next generation of secure payments technology,” Benton adds.
eftpos was already available online for some Card On File payments where banks have implemented the service for their merchant customers, and deposits and withdrawal payments via the Beem It mobile wallet. Since launching the eftpos digital service that enables LCR last year, eftpos claims it has been subject to zero fraud.
Benton says eftpos’ security kit bag now included two factor authentication (3DS), tokenisation, automated disputes and chargebacks and a digital identity solution, connectID, with a new fraud detection engine also going live in the coming weeks.
Fat Zebra CEO Pred Dragila says being an early adopter of eftpos digital has allowed Fat Zebra to optimise the way our customers accept payments online in Australia.
“It’s a great step forward by eftpos which gives online merchants access to a powerful network bundled with potentially great economic benefit,” Dragila attests.
Eftex general manager Ian Sanford notes that eftpos’ move to online payments was very welcome news for the thousands of small businesses supported by Eftex’s enterprise merchant, payment facilitator, and payment gateway clients.
“This eftpos extension will allow e-commerce merchants to securely send millions more online payments through eftpos, resulting in substantial payment acceptance cost savings for their business and their customers,” Sanford says.
Till Payments chief revenue officer Chris Hicks says being at the forefront of security innovations for ecommerce is an invaluable asset for the organisation and its customers.
“We’re excited to be partnering with eftpos to be among the first to deploy the security innovations that will strengthen the viability of our national digital economy,” Hicks concludes.