Video | Business Headlines | Internet | Science | Scientific Ethics | Technology | Search

 

Cellphone-Based Eftpos System A World First

An Auckland company is poised to launch a mobile phone-based "universal Eftpos" payments system in New Zealand that could become the leading payment method worldwide.

In what is believed to be a world first, ePOC Systems Ltd has obtained conditional Eftpos Network access for a revolutionary new electronic payment system that is seen as a genuine alternative to cheques and traditional cards.

ePOC Systems managing director Robert Daggar says all telecommunications companies will be invited to participate and he is awaiting a decision from a major telecommunications company before launching the new system.

"It would be premature to disclose specific details at this stage for commercial reasons," Mr Daggar says. "However, I can confirm that the process, called '$afePayment', has been approved by the pre-eminent Australasian Eftpos certifier."

Technology New Zealand - part of the Foundation for Research, Science and Technology - helped with funding to test whether the project was technically achievable.

Mr Daggar says the new system is a "debit alternative" to a credit card number, as well as providing secure "credit card" payments.

"Our $afePayment allows you to make every eft payment by using your mobile phone in various ways," he says. "Anyone with an Eftpos debit or credit card can then pay anyone else by any means, including voice, phone, fax, Internet, mail or email.

"There is no need to use a cheque or carry an existing Eftpos card. Furthermore, anyone who has paid by credit card over the phone will be able to make a '$afe' payment."

The idea came to Mr Daggar several years ago in Washington DC, where he lived for seven years.

"I was looking for a cheque alternative and had a dream one night in which all the numbers came flying off the cheque," he says. "This idea led to ePOC Systems creating a guaranteed settlement scheme, based on existing real-time authorisation processes to avoid any system changes."

The $afePayment uses a unique payment identification process that Mr Daggar says will be a benchmark for the world.

"The beauty of it is that all eft payments can be made securely, conveniently and cost-effectively," he says. "I believe we have a marvelous product. It is due to be launched in New Zealand first, but has the potential to be used globally, initially via standard GSM cellphone technology."

Mr Daggar also revealed plans for a global network of "universal Eftpos" payment service franchises and has already held discussions with potential Australian and UK franchisees.

-ends-

Contact: * Robert Daggar, ePOC Systems Ltd, Ph: (09) 443-1318. Email: epoc@smartcard.co.nz * Ian Gray, Technology New Zealand at the Foundation for Research, Science and Technology (Auckland Office), (09) 912-6730, or 021 660 409. Website: www.technz.co.nz

Prepared on behalf of the Foundation for Research, Science and Technology by ID Communications. Contact: Ian Carson (04) 477-2525, ian@idcomm.co.nz


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

More To Do: Tax Working Group Publishes Interim Report

Chair Sir Michael Cullen says that the Group has conducted a wide-ranging review in order to assess the structure, fairness, and balance of the tax system. The Group has also brought a broad conception of wellbeing and living standards to its work... More>>

ALSO:

"Broad-Based Growth": GDP Rises 1 Percent In June Quarter

Gross domestic product (GDP) rose 1.0 percent in the June 2018 quarter, up from 0.5 percent last quarter, Stats NZ said today. This is the largest quarterly rise in two years. More>>

ALSO:

Judicial Review: China Steel Tarrif Rethink Ordered

On 5 July 2017 the Minister determined not to impose duties on Chinese galvanised steel coil imports. NZ Steel applied for judicial review of the Minister’s decision. More>>

Debt: NZ Banks Accelerate Lending In June Quarter

New Zealand's nine major lenders boosted lending at the fastest quarterly pace in almost two years as fears over bad debts subsided. More>>

ALSO:

Balance Of Trade: Annual Current Account Deficit Widens To $9.5 Billion

New Zealand’s current account deficit for the year ended June 2018 widened to $9.5 billion, 3.3 percent of GDP, Stats NZ said today. More>>

ALSO:

Talking Up The Economy: NZD Gains On PM's Mistaken GDP Comment

Her comments were downplayed by her chief press secretary who said she was referring the government's June year financial statements and had "made a mistake." More>>

ALSO: