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Electronic Funds Transfer at Point of Sale, is an Australian electronic payment system introduced in 1984 that allows customers to make purchases using debit cards, accessing their own funds. More recently, popularity of Visa and Mastercard debt has grown, since EFTPOS cannot be used online.
For in-store payments, accessing EFTPOS usually means lower or no fees. This is done by selecting ‘Savings’ or ‘cheque’ rather than ‘credit’ when making a payment. Most Australian debit cards are EFTPOS capable, however when using the popular tap to pay, or mobile wallets, they will always default to using the ‘credit’ option, which more often incurs additional fees.
