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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Learn more about bank accounts

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Many Australian lenders allow foreigners to open bank accounts in Australia. Often, this can be done before you arrive in the country – with no Australian address required. When you get to Australia, you can pick up your debit card, using your passport as identification.

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Transferring money to another bank is often called a bank transfer, and it can be done a few different ways.

Customers generally need three pieces of information to transfer money to another bank account. Customers need the account name, BSB and account number of the account they wish to transfer money to.

One way of transferring money to another bank account is in a branch with the help of a staff member; they will often give you a receipt as well as confirmation of the transfer.

Transfers can be also made via internet banking and phone banking.

Some banks also allow customers to make transfers via partnered ATMs, especially if the account is with the same bank.

Can I link a bank account to Paypal?

Paypal is a safe and convenient way to pay online without the need to share your financial details. You can send and receive money or accept credit and debit cards as a seller using Paypal.

It’s easy to link your bank account to a Paypal account and start making transactions within minutes.

To start, you first need a Paypal account (it’s free to join). When setting up your Paypal account, you will be prompted to link a credit card or bank account (or both if you wish).

PayPal works without a balance; you can use Paypal to shop or send money when your balance is zero.

When your Paypal balance is zero, Paypal will ask you to choose your preferred payment method at the checkout.

This could be either your linked bank account or credit card. Your bank details can be updated if you change banks or credit cards.

Can foreigners open bank account in Australia?

If you’re migrating, studying or working in Australia, you’ll be pleased to know that you can open an Australian bank account. For the most part, opening a bank account in Australia is a simple process which starts by comparing the types of bank accounts foreigners can open in Australia.

Once you’ve found a bank account that suits your needs, you can start the application process.

When you apply for the account, you’ll need to provide proof of ID which may include your passport, overseas ID or credit card. You may also need to provide a copy of your visa and proof of address in Australia.

Depending on the bank and the type of account you choose, you may be able to apply for the account online or over the phone before you arrive in Australia.

How do I open a bank account for a baby?

If you’ve just welcome a new baby into the world, congratulations. Opening a bank account for your child can be a wonderful first gift.

Before you can open your child an account, you’ll need to have a birth certificate or passport for your baby.

As the parent or guardian, you’ll also be listed as a joint holder on the account. This means you’ll need to have proof of your identification and address (a driver’s licence, passport, birth certificate or Medicare Card).

Many banks and credit unions offer baby banks accounts. Usually, you can apply online; otherwise you can head into a local branch or office with your documents.

How can I find bank accounts in my name?

To find ‘live’ bank accounts in your name, you’ll have to ask individual lenders, which involves contacting them one by one and proving your identity each time. To find ‘unclaimed’ bank accounts (those that have been inactive for at least seven years), you can use this website.

How do you open a bank account in Australia?

Opening a bank account in Australia is usually a straightforward process. Some banks give you the option of opening an account online, while others require you to visit a branch.

Different bank accounts offer different features, so it’s best to compare your options to find one that suits you.

All banks require you to pass an identity check to open a bank account. Australia uses the 100-point identification system, which means you’ll need to show a number of forms of ID that, together, add up to 100 points.

Common ID types include a driver’s licence, passport, Australian visa in a foreign passport, and Australian Medicare card. You’ll find out what types of ID are accepted when you go through the sign-up process online or at a branch.

Once your account is open, you’ll be given or sent a debit card that you can use to make purchases and withdraw money from your account.

How can I wire money to a bank account?

You can wire money to an Australian bank account either through your own bank or by using a money transfer company such as Western Union or MoneyGram. Either way, you’ll need the other person’s name, BSB number and account number. If you use a money transfer company, you might also need to provide the recipient’s address for large payments.

How do I overdraw my Commonwealth Bank account?

Overdrawing a bank account can happen by accident. It’s often hard to know what your balance is, particularly with direct debits, scheduled repayments and pending transactions competing for cash.

To avoid being stuck with a bank fee every time your account is overdrawn, you can apply for a personal overdraft. This will enable you to overdraw your account up to an approved amount.

A personal overdraft is connected to your CommBank Everyday Account, so you can enjoy easy access to extra funds once approved – anywhere from $100 up to $20,000.

Your overdraft funds can be accessed via your CommBank keycard or Debit MasterCard, or online through NetBank and the CommBank app.

To apply you can either call the Commonwealth Bank directly or visit your local branch.

Can the government take your money from your bank account?

There are some instances when the government can take money from your bank account. This generally occurs in situations where you have an outstanding government debt.

Before it can take money from your bank account, the government authority owed money would first need to issue a garnishee notice. 

A garnishee notice is issued by the government agency (such as Centrelink or the ATO) to a third party that holds money for you or owes you money.

To take money from your bank account, your bank would be issued with the garnishee notice requiring it to pay ‘your money’ to the requesting agency to satisfy the debt.

Can you get a payday loan without a bank account?

Yes. Some payday lenders are willing to transfer loans to prepaid debit cards instead of bank accounts.

Do you need a bank account to get a credit card?

To get a credit card, you need to show proof of income, which will almost certainly require you to have a bank account.

How do you set up a bank account online?

Once you’ve compared bank accounts and found the right one, the process of opening a bank account online is quite simple and can be done in around 10 minutes.

To set up a bank account online, you’ll need to prove your identity and provide an approved form of ID as well as your tax file number (TFN).

If you’re a new customer of the bank, you’ll need to verify your identity and potentially upload documents before you can complete your online application.

Once your ID has been verified and you’ve set up your bank account online, you should receive your bank cards in the mail along with your PIN and any other account details.

How do I transfer money from Paypal to my bank account?

Transferring cash from Paypal into your bank account is simple…if you have a Paypal account that is.

Once you’re logged into your Paypal account, the account balance will appear on your home page. Below your balance are two options:

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Choose option two if you want to transfer money from your Paypal account to your personal bank account.

The next screen will prompt you to either enter new bank account details or choose a bank account that’s connected to Paypal. You can always add more bank accounts to your Paypal profile.

Another way to transfer out of Paypal is by jumping to the wallet tab on the top menu, and clicking ‘transfer money’. Both options will give you the same result.