Eftpos progresses wallet option
An eftpos mobile wallet may make it to market some time in 2017. Paul Jennings, chief technology officer at eftpos Australia told a payments conference yesterday that the eftpos mobile platform would "support a range of mobile NFC payment ecosystems. "We are now working with several members and successfully testing the token service in order to launch eftpos as a secure payment option in mobile wallets in 2017." In late 2015 eftpos picked Bell ID as the key supplier for its secure tokenisation service. Jennings also shared some data on steps taken by eftpos to extend the sector's compliance with EMV objectives. The eftpos contactless point of sale network covers "more than 500,000 devices nationally, with the majority of Australia's POS terminals now upgraded with eftpos chip and contactless EMV technology," Jennings said. "We expect the entire fleet to be activated by mid-2017." He said around 17 million multi-network cards "feature the secure eftpos EMV chip." In Jennings' ideal scenarios, the card could be initiated and provisioned "over the air" - that is, entirely by online linkages to the various players, including card schemes, customers' various banks, etc.The issuer would also need to be ready to take action in case of a lost, stolen or damaged card.Jennings was speaking at the Payments Fraud and Identity Summit in Sydney.