eftpos recently partnered with Bell ID, a Netherlands-based company, to build a flexible, domestic mobile payment capability, including secure tokenization services.
According to eftpos, the new offering would let eftpos payments to be made securely across various digital platforms and applications being developed by Australian industry participants.
“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 tokenization,” eftpos Managing Director Mr. Bruce Mansfield said in the press release.
“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 tokenization service.”
The partnership will give eftpos the ability to replace card numbers with unique reference numbers so that the information cannot be compromised.
What is tokenization? We can define it as a solution that protects customer data, substituting the payment account information found on a plastic card with a series of numbers that can be used to authorize payment without exposing the actual account details. The network-level tokenization is currently part of the EMV payment specification. Tokenization is one of the most important technologies to emerge in digital payments and has the potential to start a whole new chapter in the kinds of products that are developed.
Mr. Mansfield said the new mobile payments capability would complement eftpos’ centralized payments processing hub, the “eftpos Hub”, that is scheduled to be upgraded for online payments this month and tokenization in early 2016.
The Hub is already processing almost 2 million eftpos CHQ and SAV transactions per day since its launch in September 2014.
Executive Chairman at Bell ID, Mr. Pat Curran, said in the press release, “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 tokenization 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.”
eftpos is the most widely-used card system in Australia, accounting for more than 2.4 billion CHQ and SAV transactions in 2014, worth more than $139 billion at over 820,000 eftpos terminals. eftpos is wholly owned by its 15 members:
- Australia and New Zealand Banking Group Limited
- Australian Settlements Limited
- Bank of Queensland Limited
- Bendigo and Adelaide Bank Limited
- Cashcard Australia Limited
- Citigroup Pty Limited
- Commonwealth Bank of Australia
- Coles Group Limited
- Cuscal Limited
- Indue Limited
- ING DIRECT
- National Australia Bank Limited
- Suncorp Bank
- Tyro Payments
- Westpac Banking Corporation
- Woolworths Limited
For more information on eftpos, please visit.
About Bell ID:
Bell ID’s full suite of mobile solutions supports cloud-based solutions using HCE, EMVCo tokenization, trusted services management (TSM) for SIM-based projects and for embedded secure element solutions.
The company’s international patent pending Secure Element in the Cloud software enables mobile NFC transactions to be made by storing and accessing credentials in a remote environment rather than on the mobile device. To find out more about mobile cloud payments using HCE, visit the Bell ID website.