The future on e-payments? New online payments trials at Coles, announced.eftpos today announced the first online payments trial, that lets consumers pay for goods without a card.
It will be available to 350 consumers via Coles’ gift card website, eftpos told ChannelNews.
The solution was developed in consultation with Australian merchants and financial institutions over the past 9 months. No card details are exchanged between consumer and merchant on the digital solution which has been likened to PayPal.
It is an important step towards secure online payments in the future, the payments giant said.
The system is expected to be commercialised in 2015. eftpos is also working with banks including ANZ and CBA on various online trials over coming months.
To pay for goods online, users will click on eftpos option and logon with a unique username and password and pay via their banks’ online portal. The portal gives users a token which is stored in the cloud, so no card details are never exchanged.
eftpos CEO, Bruce Mansfield said the cardless digital solution also gives real-time transaction updates on bank accounts, and the ability for merchants and consumers to set their own limits to trigger additional security features.
“While eftpos is the most widely used debit card system in Australia at point of sale, we are now moving into the digital world with online payments.”
“These trials are about finding the best online experience for Australian merchants and consumers and offering them a new payments choice that has been specifically designed for this market.”
As part of the digital shift and rise of online shopping, customers and merchants are changing the way they want to make and receive payments, says ANZ’s General Manager Cards & Payments, Marj Demmer.
“eftpos’ new online payments trial is an important part of the industry’s response to providing a range of suitable options.”