Australia planning new mobile payments scheme
Eftpos, the most widely-used card system in the country, is working with Bell ID to build the new system, which will include tokenization.
Eftpos, the most widely-used card system in Australia, Monday announced a new partnership with Bell ID to build what it called in a press release a flexible, domestic mobile payments capability, including secure tokenization services.
Bell ID's Token Service Provider platform will integrate with the "eftpos Hub": a centralized switch that provides the Australian industry with a cost effective, real-time payments processing platform with the capability to implement new products and services.
Eftpos Managing Director Bruce Mansfield said in a statement the new capability would enable eftpos payments to be made securely across various digital platforms and applications being developed by Australian industry participants.
"It's great 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," Mansfield said. "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."
"Bell ID is excited to partner with eftpos and to contribute to the mobile payments advancement in Australia," Pat Curran, executive chairman at Bell ID, said in a statement. "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."
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.