The integration is aimed at removing the need for transaction amounts to be entered into retailers systems twice.
Westpac estimates that for a typical Sydney CBD café, which generally completes between 1000 and 1500 transactions a day, the three to five seconds of time taken to rekey the transaction amount into the merchant terminal adds up to USD 100 a week for the business owner in extra staff salary, a cost that will be removed once the two systems are integrated.
The bank plans to have the integration completed later in April 2018 with 40 POS software providers and within 18 months for all of the 200-odd POS systems.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now