10 Facts About EFTPOS

1.

EFTPOS technology originated in the United States in 1981 and was rolled out in 1982.

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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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