Clapham replaces former chairman, Vickki McFadden, who stepped down from the role in March 2018.
As well as previously running Mastercard in Australia and New Zealand, Clapham also held several senior roles in Mastercard across Europe.
Clapham is currently serving as non executive director with Optal Limited, an unlisted public company specialising in B2B payments, and is also non executive chairman of Hong Kong based Optal Asia.
Commenting on his appointment, Clapham said: “I believe eftpos plays a critical role in the dynamic Australian payments landscape, with significant potential to provide even greater value to the holders of our current 46 million eftpos enabled cards.
“I am delighted to have the opportunity to lead the eftpos board in supporting Stephen and his management team in achieving our ambitious targets.”