Business
Eftpos goes digital for the first time as retailers push for low-cost payments – Sydney Morning Herald
Australia’s debit card system Eftpos will begin processing digital payments for the first time in its 35-year history.
However, Eftpos is hoping its foray into the online space will get more merchants using its payment rails, estimated to be 40 per cent cheaper than alternatives such as Visa and Mastercard, savings that could be passed on to consumers.
Running payments through cheaper networks like Eftpos rather than its competitors is known as “least-cost” routing, and has been a focus for industry bodies and the Reserve Bank of Australia, which are concerned merchants are being stung by unnecessarily high fee…
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