Tuesday, 13 October 2020 00:01

eftpos transactions come to Samsung Pay via Heritage Bank

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The choice to use eftpos is coming to Samsung Pay, the smartphone payment system Samsung offers on its own brand phones that competes with Google Pay, and with Heritage Bank the first, it certainly won't be the last.

eftpos. It is Australia’s own debit card network, accounting for more than 2 billion CHQ and SAV transactions in 2019 worth around $130 billion, and unlike Visa and Mastercard transactions, keeps transaction profits in Australia rather than going straight into the coffers of overseas companies.

eftpos payment capability is also embedded into every debit card in Australia and this provides two main benefits for users: firstly, eftpos transactions are processed in real-time and so customers can see an up-to-date view of their bank balances at all times. Secondly, eftpos users are able to withdraw cash from selected merchants and these services are extended to the partnership with Samsung Pay.

While there are banks offering eftpos payment choices on iPhones with Apple Pay, it wasn't until today that this has come to Samsung Pay users, with eftpos and Samsung Australia announcing a partnership that allows "tokenized, contactless transactions to be made on Samsung Pay via the eftpos network", which "provides Australians with greater payment choice and a seamless digital wallet experience when using their compatible smartphone".

We're told that Heritage Bank is the first issuer to launch the solution, and it "allows users on Samsung Pay to choose between making debit card payments via eftpos or via the Visa network by means of a simple toggle on the user interface".

Heritage Bank was named as Australia's best bank by Forbes Magazine, with the bank also stating it is Australia's customer-owned bank, both of which are very impressive. 

Naturally, the even better news for users and for choice is that "more issuer partners are expected to launch similar solutions in the coming months".

Now, over time, and once issuers have integrated with the eftpos tokenized solution, both companies state that "millions of Australians will be able to pay using their eftpos cards on Samsung Pay - there are over 50 million eftpos enabled cards in circulation today".

Mark Hodgson, Head of Services at Samsung Australia said: "Samsung puts customer experience at the centre of everything we do and, through our partnership with eftpos, we are providing Australian customers with more choice and control over their contactless payment transactions.

“We are proud to launch with eftpos and Heritage Bank. This collaboration is a great example for how service providers can bring their best innovation together and deliver breakthrough experiences for Australians.”

eftpos CEO, Stephen Benton, said eftpos was excited to bring the security and simplicity of eftpos mobile payments to Samsung smartphone users, and added: “Teaming up with Samsung and Heritage Bank enables their customers with access to their own money via their Samsung smartphone at the shops, with added benefits such as the ability to track their bank balances in real time.

"This means you only need to take your mobile when you go shopping. There’s no need to carry an extra card to access cash if you need it.”

“eftpos cardholders will embrace Samsung Pay for everyday payments, as we are already experiencing on average 20% growth month on month across eftpos mobile transactions. With Australians showing a greater preference for contactless payments during the COVID-19 pandemic alongside the launch of Samsung Pay for our eftpos cardholders, we don’t expect this trend to slow down anytime soon” Benton concluded.

Heritage Bank CEO Peter Lock said, “We’re absolutely thrilled to lead the way with Samsung Electronics Australia and eftpos to offer our customers more choice in how they access, manage and use their funds.

“As Australia’s largest customer-owned bank we’re always looking to provide our customers with great banking experiences. To be the first issuer in Australia to launch the eftpos-Samsung Pay solution is a fantastic milestone and further builds on Heritage’s expertise as one of the most technologically innovative banks in the country.”

Samsung reminds us its "joint announcement with eftpos and Heritage Bank follows a string of new solutions and partnerships launched on Samsung Pay, including a Consumer Device Cardholder Verification Method (CDCVM) functionality that streamlines the payment process for high-value purchases. Samsung Pay is available on a wide range of Samsung mobile devices including the recently launched Galaxy Note20 range, Galaxy Z Fold2 and Galaxy S20 FE".

There are two important notes Samsung highlighted in its media release, with the first being that "Heritage Bank customers who have already loaded their multi-network debit cards onto Samsung Pay before 12 October will need to update to the latest version of Samsung Pay and reload their cards in order to see the eftpos payment option".

Also, "when using Samsung Pay on open loop transit payment networks such as Transport for NSW’s Opal network, these transactions will be routed via the international card schemes".

More information on Samsung Pay’s new partnerships with eftpos and Heritage Bank is here.

I'm hoping to talk to Samsung's Mark Hodgson about the development and the latest with Samsung Pay, as happened in a video interview back in mid-2018, where Samsung was also celebrating Samsung Pay being available on six continents, and over 1.3 billion Samsung Pay transactions, a figure that has presumably grown exponentially since then!

The full list of Samsung Pay partners in Australia is here.


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Alex Zaharov-Reutt

Alex Zaharov-Reutt is iTWire's Technology Editor is one of Australia’s best-known technology journalists and consumer tech experts, Alex has appeared in his capacity as technology expert on all of Australia’s free-to-air and pay TV networks on all the major news and current affairs programs, on commercial and public radio, and technology, lifestyle and reality TV shows. Visit Alex at Twitter here.

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