Almost two million eftpos-only cardholders across Australia will now be able to pay using their Android mobile devices, with ANZ and Cuscal being the first Australian financial institutions to make the service available to eftpos-only cardholders.
The service will use Australia’s first domestic token service provider (TSP) for increased security, by removing confidential consumer card data from the eftpos payment network and replacing it with a unique payment token. The eftpos TSP, which was built in partnership with Rambus, enables eftpos to generate and manage its own payment tokens, facilitating secure digital payment experiences for eftpos cardholders.
The technology provides additional benefits to consumers when faced with a lost or stolen mobile phone or card. The user is able to disable mobile payments quickly, without needing to cancel the physical card itself.
Eftpos Acting CEO Paul Jennings says eftpos on Android Pay will bring the convenience of secure, in-store mobile payments to many Australians for the first time.
“We are thrilled to team up with Google, ANZ and Cuscal to provide customers with access to their own money via their Android mobiles at the shops, with added benefits such as the ability to track their bank balances in real time,” he said.
To use the service, cardholders simply need to download Android Pay at the Google Play Store and follow the prompts.
Eftpos is the most widely used debit card system in Australia, accounting for around 2 billion CHQ and SAV transactions in 2017, worth $130 billion.