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Samsung Pay partners with eftpos when contactless payments needed most

Samsung Pay partners with eftpos when contactless payments needed most

Samsung Electronics Australia has partnered with eftpos to allow contactless transactions to be made through Samsung Pay, via the eftpos network. For fans of digital wallet payments, or those looking to limit their contact due to COVID-19, the news could not come sooner.

Samsung Pay users can now choose between payments via eftpos or the Visa network by toggling a setting in their user interface.

  • Samsung Pay is a mobile payment service from Samsung Electronics. It allows Samsung customers a way to pay with their mobile devices anywhere card is accepted. It is an alternative payment method to cash or card usage.

In August, ME Bank enabled Google Pay as shoppers turned away from cash amid COVID-19. Many bank and savings account providers have been slowly allowing these features for customers, but only now has Samsung Pay partnered with eftpos.

Heritage Bank is the first institution to launch this service, and more are expected to follow suit in the coming months.

The importance of alternative payment methods to cash, such as Tap & Go debit cards, digital wallets linked to mobiles and using wearable payment technology, has been vital for many Australians as we deal with the ongoing COVID-19 pandemic. 

The benefits of Samsung Pay and eftpos

Eftpos payment capabilities are linked to every debit card in Australia. This is beneficial for two reasons: eftpos transactions are processed in real time, and users can withdraw cash from selected merchants now with Samsung Pay. 

Samsung Pay partnering with eftpos is just another way Aussies using the 50 million eftpos-enabled cards in circulation may find their financial lives made easier in 2020. 

Stephen Benton, eftpos CEO, spoke on the convenience of this partnership for Heritage Bank customers.

“Teaming up with Samsung and Heritage Bank enables their customers with access to their own money via their Samsung smartphone at the shops, with added benefits such as the ability to track their bank balances in real time,” Mr Benton said.

“This means you only need to take your mobile when you go shopping. There’s no need to carry an extra card to access cash if you need it.

“eftpos cardholders will embrace Samsung Pay for everyday payments, as we are already experiencing on average 20 per cent growth month on month across eftpos mobile transactions.”

“With Australians showing a greater preference for contactless payments during the COVID-19 pandemic alongside the launch of Samsung Pay for our eftpos cardholders, we don’t expect this trend to slow down anytime soon” Mr Benton said. 

Peter Lock, Heritage Bank CEO, said: “As Australia’s largest customer-owned bank we’re always looking to provide our customers with great banking experiences.”

“To be the first issuer in Australia to launch the eftpos-Samsung Pay solution is a fantastic milestone and further builds on Heritage’s expertise as one of the most technologically innovative banks in the country.”

Bank accounts offering Samsung Pay

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This article was reviewed by Personal Finance Editor Georgia Brown before it was published as part of RateCity's Fact Check process.

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