The latest stage of eftpos’ next generation online security technology is now live, with a number of banks and merchants set to introduce the capability over the next year.
The new online security capability includes features designed to make Australians safe in the digital economy such as two factor authentication capability for merchants and their customers.
Stephen Benton, Chief Executive eftpos, said the company’s expansion further into online payments will drive 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 said the support of banks, FinTechs, and merchants such as Till Payments, Fat Zebra, and EFTEX will help the solution scale quickly within the Australian market and will provide benefits for merchants and consumers, including Least Cost Routing (LCR).
The security features now included with eftpos are 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.
Ian Sanford, General Manager EFTEX, said eftpos’ move to online payments was 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 eCommerce merchants to securely send millions more online payments through eftpos, resulting in substantial payment acceptance cost savings for their business and their customers.”