ANZ this week became the first major Australian bank to offer merchants a choice as to how contactless (Tap and Go) debit card transactions are processed. Prior to this all major banks automatically routed contactless debit card transactions through the higher-cost Visa and Mastercard networks. ANZ merchants now have the option to send dual-network contactless debit card transactions to the eftpos Australia network.
Tyro Payments has made this functionality, known as least-cost routing, available to its merchants since March 2018 but other banks have been slow to follow.
Banking Day reports that Westpac is preparing to offer eftpos processing functionality for contactless payments to its retailers from Monday.
Read the full Banking Day article for further information.
This summary was published with permission from the author George Lekakis, Associate Editor, Banking Day.
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