Cellphone-Based Eftpos System A World First

From the Foundation for Research, Science and Technology For immediate release

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

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