eftpos today announced that PayPal had become the latest payments company to join the eftpos membership, with plans to connect directly to the company’s new real time, centralised payments infrastructure, the eftpos Hub, in 2016.
eftpos Managing Director, Mr Bruce Mansfield, said PayPal was a popular payment option for Australian consumers and merchants and was a welcome addition to the eftpos Membership.
Mr Mansfield said eftpos had recently upgraded its infrastructure for Online payments and would work with PayPal and other Members to ensure that eftpos would be available to consumers and merchants as a payment option for online transactions. PayPal is only the fourth new eftpos Member to join since the inception of eftpos as a payment system in 2009, following ING Direct, Tyro and Adyen.
“We are very pleased that PayPal has decided to join eftpos and directly access the real-time processing capabilities of the eftpos Hub infrastructure and other benefits of being a Member,” Mr Mansfield said. “PayPal plays an important role in Australian Online payments and eftpos should be available as a payments choice for PayPal users. “eftpos is happy to work with PayPal to make eftpos payments available to more Australian consumers and merchants on new platforms.”
The eftpos Hub is a robust, reliable, secure and scalable centralised infrastructure that aims to provide the industry with cost effective, real time payments processing, as well as an enhanced capability to implement new products and services.
Since being launched in September 2014, the Hub is already processing almost 3 million eftpos CHQ and SAV transactions a day. Ms Libby Roy, Vice President and Managing Director of PayPal Australia said, “eftpos is an established and important part of the payments landscape in Australia with a strong consumer base. We’re very happy to be working together to enable eftpos payments through the PayPal network. “Our membership of eftpos takes us one step closer to giving consumers the ability to use any funding mechanism through PayPal to transact securely and conveniently online and via mobile devices.”
eftpos is the most widely-used card system in Australia, accounting for more than 2.3 billion CHQ and SAV transactions in 2015 worth more than $140 billion.
