eftpos transactions now available on Samsung Pay

By Edil Corneille

Today, eftpos and Samsung Electronics Australia have announced a partnership which allows tokenized, contactless transactions to be made on Samsung Pay via the eftpos network. This provides Australians with greater payment choice and a seamless digital wallet experience when using their compatible smartphone.

Heritage Bank is the first issuer to launch the solution, which allows users on Samsung Pay to choose between making debit card payments via eftpos or via the Visa network by means of a simple toggle on the user interface.  Over time, once issuers have integrated with the eftpos tokenized solution, millions of Australians will be able to pay using their eftpos cards on Samsung Pay – there are over 50 million eftpos enabled cards in circulation today.

eftpos CEO, Stephen Benton apprised, “Teaming up with Samsung and Heritage Bank enables their customers with access to their own money via their Samsung smartphone at the shops, with added benefits such as the ability to track their bank balances in real time. This means you only need to take your mobile when you go shopping. There’s no need to carry an extra card to access cash if you need it.”

“eftpos cardholders will embrace Samsung Pay for everyday payments, as we are already experiencing on average 20% growth month on month across eftpos mobile transactions. With Australians showing a greater preference for contactless payments during the COVID-19 pandemic alongside the launch of Samsung Pay for our eftpos cardholders, we don’t expect this trend to slow down anytime soon,” Benton said.

“Samsung puts customer experience at the centre of everything we do and, through our partnership with eftpos, we are providing Australian customers with more choice and control over their contactless payment transactions,” Mark Hodgson, Head of Services at Samsung Australia stated. “We are proud to launch with eftpos and Heritage Bank. This collaboration is a great example for how service providers can bring their best innovation together and deliver breakthrough experiences for Australians.”

Heritage Bank CEO Peter Lock enthused, “We’re absolutely thrilled to lead the way with Samsung Electronics Australia and eftpos to offer our customers more choice in how they access, manage and use their funds.

“As Australia’s largest customer-owned bank we’re always looking to provide our customers with great banking experiences. To be the first issuer in Australia to launch the eftpos-Samsung Pay solution is a fantastic milestone and further builds on Heritage’s expertise as one of the most technologically innovative banks in the country.”

The joint announcement with eftpos and Heritage Bank follows a string of new solutions and partnerships launched on Samsung Pay, including a Consumer Device Cardholder Verification Method (CDCVM) functionality that streamlines the payment process for high-value purchases.