Australian point-of-sale (POS) payments provider Eftpos announced an ambitious project to take on PayPal in the online environment by testing a new system for web-purchases at supermarket chain Coles, according to Finextra.
The Eftpos network which is jointly owned by the country’s largest financial institutions and retailers and currently handles about 80% of all debit card transactions processed at the POS in Australia, but has been losing ground to online third party service providers like PayPal as more and more Australians take to the internet for their e-commerce.
With its newest announcement, the Eftpos network aims to take on PayPal by letting users make online payments with a username and password, without having to enter their card details. The platform also offers consumers the ability to see real-time transaction updates on bank accounts and the ability for merchants and consumers to set their own limits on spending to trigger additional security features.
“These trials are about finding the best online experience for Australian merchants and consumers and offering them a new payments choice that has been specifically designed for this market,” said Bruce Mansfield, CEO of the Eftpos network
With the consumer trend clearly moving more towards the online space, by building a rival system to PayPal, the Eftpos network is ensuring that it is not left behind as physical POS transactions fall sharply in the years to come.
Overview by Tristan Hugo-Webb, Associate Director, International Advisory Services
To read the full story, go to Finextra.