Major Banks are looking to generate more consumer interest for the EFTPOS system by creating a new commmercial entity to help promote wider use of the EFTPOS system.

With the increased competition from credit card companies like Mastercard and Visa along with their prepaid debit cards major Banks are looking to for new innovative ways to generate awareness. EFTPOS systems have their definite advantages, their low fraud rate, low implementation costs. Currently Merchants have to change to their systems work with the new smartcards and have been recently been given an extension to have these new protocols in place.

In Australia alone, consumers already generate around 110 million purchases worth $7.5 billion every month making Eftpos is the most widely used system of its type.