Nearly 2 million customers from ANZ and eight Cuscal-backed credit unions and banks including Peoples Choice Credit Union, Sydney Credit Union, Woolworths Employees Credit Union, Credit Union Australia, Nexus Mutual, and FCCS will be able to make mobile payments using their Android devices.
The mobile tap & pay service will use tokenisation for increased security by replacing consumer card data from the Eftpos payment network with a unique identification token that can be used for payment without exposing confidential information.
The token service, built in partnership with mobile payments provider Rambus, enables Eftpos to generate and manage its own payment tokens, while also allowing cardholders to quickly disable mobile payments without having to cancel the physical card itself.
Unlike other cards that process mobile payments as credit transactions, Eftpos on Android Pay will provide customers with secure access to their own money in real-time, reducing the likelihood of being surcharged.
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