EFTPOS technology originated in the United States in 1981 and was rolled out in 1982.
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10 Facts About EFTPOS
2.
In 1996, mobile EFTPOS arrived, with hotels in Singapore installing systems in 1997 and the first example of a pizza delivery in Singapore accepting Visa card via cellular payment in 1998, which was a collaboration between Signet, Visa, Citi Bank, and Dynamic Data Systems, beginning the rollout of mobile systems in Asia.
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3.
Since 2002, the use of EFTPOS has grown significantly, and it has become the standard payment method, displacing the use of cash.
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4.
For EFTPOS, USA based systems allow the use of debit cards or credit cards.
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5.
The system for ATM and EFTPOS interchanges is called Issuers and Acquirers Community called CS3.
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6.
ATM and EFTPOS clearances are the made under individual bilateral arrangements between the institutions involved.
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7.
Feature of a debit card is that an EFTPOS transaction will only be accepted if there is an available credit balance in the bank cheque or savings account linked to the card.
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8.
EFTPOS transactions involving a debit, credit or prepaid card are primarily authenticated via the entry of a personal identification number at the point of sale.
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9.
In 1991, dialup EFTPOS was conceived by Key Corp and deployment of dialup commenced in 1993.
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10.
All the merchant's EFTPOS transactions are processed through one of these gateways.
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