Payment giant eftpos has partnered with Netherlands-based software company Bell ID to help build new Australian mobile payments capability that includes secure tokenization services.
eftpos managing director Bruce Mansfield said that the new offering will allow eftpos payments to be made securely across various digital platforms and applications.
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He added that tokenization will provide additional security by replacing card numbers with reference numbers to help protect critical information.
The new capability will complement eftpos’ centralized payments processing hub called Eftpos Hub, which is slated to be upgraded for online payments during October and tokenization in early 2016.
The hub is a centralised switch that provides the Australian industry with a real time payments processing platform with the capability to implement new products and services. It currently processes almost 2 million eftpos CHQ and SAV transactions daily.
"This new capability will enhance competition in the Australian mobile payments market and help eftpos meet the growing needs of this rapidly changing area of payments technology. It will also provide the Australian industry with the choice of a domestic, secure tokenisation service," Mansfield added.
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By GlobalDataBell ID executive chairman Pat Curran said: "Bell ID is excited to partner with eftpos and to contribute to the mobile payments advancement in Australia.
""With our token service provider platform, eftpos has the freedom to integrate any of its members to offer secure tokenisation services and provision tokens to a wide array of mobile form factors and channels. This enables eftpos to adapt to the market’s constantly changing dynamics."
