Australian Debit Card System Taps FIS for New Payments Hub (Oct. 3, 2013)
Australian debit card system eftpos has contracted Jacksonville, Fla.-based FIS to build out a new centralized payments hub. The bank- and retailer-owned network, which processes about 6 million transactions per day—will use FIS’s global EFT switching software to replace its current bilateral networks, a move eftpos said will reduce costs and complexity. Due to launch next year, the new platform also will enable the introduction of contactless, mobile and online payments.
“This new hub has the potential to be one of the most significant developments in Australia’s payments industry since etpos cards first entered the market almost 30 years ago,” said eftpos managing director Bruce Mansfield. He added that upgrading the system would help the network compete with the worldwide card brands. Earlier this year, eftpos partnered with mobile payment provider C-SAM to launch an NFC-based mobile wallet pilot in Australia.