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

Do I need to open a business bank account?

Just because you’re in business doesn’t necessarily mean you need a business bank account. You could be a sole trader not registered for GST, and use your personal bank account for business.

If you do want a business account, there are plenty of benefits attached to business transaction and savings accounts, as well as business term deposits.

There are business bank accounts designed for businesses with a high volume of transactions, and those for start-ups with a small amount of trade. You could also include an EFTPOS service with your account.

Some business bank accounts charge for the number of transactions per month, while others offer a pay-as-you-go fee structure, where you only pay fees for transactions you make.

It’s up to you whether your priority is mainly transactions, or earning the maximum amount of interest on your principal. There’s a business banking solution for you if you need one.

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.

Can a debt collector garnish my bank account?

A debt collector can garnish your bank account, but only with a court order. This drastic action is usually taken only if you’ve ignored several notices asking you to pay the debt.

If this happens, there is nothing you can do to stop it other than immediately pay back your what you owe in full or make arrangements to pay it off in installments.

Once a garnishee order is issued, your bank will put a freeze on your account as it processes the order. This usually takes two to three days and you won’t be able to access any of your money during this time.

If you have Centrelink payments, they may be protected, depending on what the court order says.

Can debt collectors take money out of your bank account?

Many people find themselves struggling to cope with debt at one time or another. In these cases, a debt collector could contact you to demand payment for a debt, to explain the consequences of you failing to pay a debt, or to organise alternative payment arrangements.

If you’re contacted by a debt collector, you may be wondering what their rights are and whether they can take money out of your bank account.

Creditors cannot access money in your bank account unless a court order (also known as a ‘garnishee order’) is made to allow creditors to recover debt by taking money from your bank account or salary.

If this happens, the creditor can take money out of your bank account unless you pay the debt in full or make an alternative payment arrangement such as paying in instalments through the court.

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You don’t need a bank account to sell on eBay. But if you don’t have a bank account, you must provide either a credit card or debit card.

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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).

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

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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.

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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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The best way to ensure this doesn’t occur is to either wait to close your account until all pending transactions are complete, or contact the creditor and supply them with alternate bank details.

If you’re unsure whether you have any scheduled transactions, you can speak to a banking representative over the phone or via online support.

In most cases, your bank withholds the amount owing for pending transactions (such as online purchases).

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The short answer is yes – as a parent you can open a bank account for your child.

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