Australia: eftpos looking to catch up with contactless cards and mobile payments

In its 2016 Annual report, eftpos says that it has experienced an accelerated decline in transaction volumes and market share due to the widespread use of contactless card payments in Australia via PayWave and PayPass provided by Visa and Mastercard. Although members of the eftpos network such as Commonwealth bank of Australia, ANZ, National Australia Bank, Coles and Woolworths are already looking to enable Tap & Pay on Eftpos cards, the payments provider also sees opportunity in the mobile payments market and expects to release a product later this year. eftpos Australia head of services Leanne Collier says that she and her team will be using a platform called Ikabo Incubator to foster innovation in the development process amongst its employees. There is also a possibility the platform will be opened to eftpos members to better engage with its customer base.

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