Samsung has teamed up with Eftpos for a partnership that allows tokenised, contactless transactions to be made through the former’s wallet via the latter’s network.
The solution allows users on Samsung Pay to choose between making debit card payments via Eftpos or the Visa network. The electronics giant said users can make the choice by means of a simple toggle on the user interface.
Heritage Bank is the first issuer to launch the solution and more issuers are expected to launch similar solutions in the coming months, Samsung said. It also said that over time, once issuers have integrated with the Eftpos tokenised solution, Australians would be able to pay using their Eftpos cards on Samsung Pay.
Eftpos users are able to withdraw cash from selected merchants and Samsung said such a facility would be extended to the partnership with Samsung Pay.
“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,” Samsung Australia head of services Mark Hodgson said.
“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.”
In discussing the partnership, Eftpos CEO Stephen Benton said his company has experienced 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 Pay is available across 69 financial institutions in Australia. Samsung Pay can also be used to “tap on and off” for trains, ferries, buses, and lightrail in Sydney.
The banks have shunned non-iPhone payment alternatives such as Android Pay as they fight for rights to Apple’s NFC technology.
Reserve Bank of Australia has said cheques are on their death bed. The only question surrounding the long-term decline of cash is whether recent cliff drops are temporary or permanent.
Initially focusing on processing regular card-on-file payments.
In 2015, Samsung rolled out Samsung Pay and it has set the standard for mobile payments since then. After five years of innovation, Samsung is committed to continuous evolution in its mobile-first money management platform.