PayPal joins Eftpos

PayPal to connect to Eftpos Hub in 2016

PayPal has become the 18th member of Eftpos, with the digital wallet provider planning next year to connect to the centralised Eftpos Hub.

“We are very pleased that PayPal has decided to join Eftpos and directly access the real-time processing capabilities of the Eftpos Hub infrastructure and other benefits of being a Member,” Eftpos managing director Bruce Mansfield said in a statement.

“PayPal plays an important role in Australian online payments and Eftpos should be available as a payments choice for PayPal users.”

“Our membership of Eftpos takes us one step closer to giving consumers the ability to use any funding mechanism through PayPal to transact securely and conveniently online and via mobile devices,” said PayPal Australia vice-president and managing director Libby Roy.

The first transactions employing the Eftpos Hub were made in late 2014. The hub allows centralised processing of Eftpos payments, instead of employing a series bilateral connections between financial instititions and banks.

Earlier this month Eftpos announced that two major banks had begun routing their ATM transactions via the hub.

The hub has been processing around 2 million CHQ and SAV transactions per day, according to Eftpos.

In 2014, Eftpos transactions were worth more than $139 billion.

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