The Poli online bank payment service – described by its
developer, Australian payments service provider Centricom, as “the
missing piece of the online payments equation” – has made its debut
in the UK. Poli is to be marketed by a new 50:50 joint venture
company, Centricom Europe, established by UK online payments and
money transfer services provider Neteller Group and Centricom.
Poli will be marketed via Neteller’s payment processing unit,
Netbanx.
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Popularity of EFTPOS
According to Centricom MD Simon Warner, Poli is effectively an
online electronic funds transfer at point of sale (EFTPOS) in that
it enables consumers to make payments to merchants anywhere in the
world directly from their existing internet banking service without
disclosing their bank or credit card details. Noting that about
half of non-online electronic transactions in the UK are made via
EFTPOS, he stressed: “It would be foolhardy for any retailer to
only offer credit card payments and thereby exclude customers who
prefer to pay via EFTPOS.”
Poli enables online shoppers to use their debit accounts,
savings or cheque, to make payments directly into the merchant’s
bank account and receive an instant receipt of the completed
transaction.
“This is a similar role of EFTPOS in the traditional retail
world,” said Warner. “The merchants [in Australia] who have
implemented Poli are enjoying significant growth in new business
over and above their normal revenues. According to reporting
merchants, they are seeing significant growth in additional
business since implementing Poli. This is on top of existing credit
card business and with little cannibalisation.”
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By GlobalDataThe most recent data from Centricom reveals Australian merchants
who offer the Poli service reported that it now accounts for an
average of 23 percent of their total online payment transactions.
“We believe the Poli service offers significant benefits to
merchants who sell products and services online,” said Ron Martin,
president and CEO of Neteller, which acquired a 25 percent stake in
Centricom in August 2007.
The Poli service is also available in New Zealand and South
Africa.
