eftpos Managing Director, Bruce Mansfield, said the new capability would enable eftpos payments to be made securely across various digital platforms and applications being developed by Australian industry participants.
According to Mansfield, the new mobile payments capability would complement eftpos’ centralised payments processing hub, the “eftpos Hub”, that is scheduled to be upgraded for online payments this month and tokenisation in early 2016.
The eftpos Hub is a centralised switch that provides Australian industry with a real time payments processing platform with the capability to implement new products and services.
Executive Chairman at Bell ID, Mr Pat Curran, said: “Bell ID is excited to partner with eftpos and to contribute to the mobile payments advancement in Australia.
“With our token service provider platform, eftpos has the freedom to integrate any of its Members to offer secure tokenisation services and provision tokens to a wide array of mobile form factors and channels. “
“This enables eftpos to adapt to the market’s constantly changing dynamics.”
“It’s exciting to be partnering with Bell ID on this important project because they have an excellent international reputation in the dynamic area of mobile payments and tokenisation,” Mansfield said.
“This new capability will enhance competition in the Australian mobile payments market and help eftpos meet the growing needs of this rapidly changing area of payments technology. It will also provide the Australian industry with the choice of a domestic, secure tokenisation service.”
Tokenisation provides additional security by giving eftpos the ability to replace card numbers with unique reference numbers so that the information cannot be compromised.