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EFTPOS Worldwide:
In several countries, banks charge a small fee of approximately 25 to 50
cents per debit card transaction, whereas in other countries this charge
could be as much as $5.00 per transaction, depending on the
banking institute, making it wise to limit EFTPOS usage. However,
many bank accounts are dropping these fees, for their customers. In New
Zealand and Australia, people continually use EFTPOS for all their
transactions, giving these two countries the highest EFTPOS usage
worldwide. Other jurisdictions charge the retailer or merchant the
EFTPOS transaction fees, rather than the customer. However, some
retailers or merchants passes the fee on to the customer by increasing
the price of their products, while other retailers simply refusing to
accept EFTPOS as payment.
UK:
EFTPOS, or debit cards are an established part of the retail market in
the UK. Banks in the United Kingdom do not charge their customers
for EFTPOS transactions, however, some retailers will charge a fee if
the amount of the transaction is small. The UK is in the process of
increasing transaction security by converting all debit cards to chip
and PIN, which is based on EMV (Electronic Money Value) standards. The
bankcards that are most commonly used in the United Kingdom include
Maestro, which was previously Switch, Solo, Visa Delta, and Visa
Electron.
New Zealand:
New Zealand has the most EFTPOS transactions. Practically every retail
outlet, supermarkets, dairy, service station, and bar has EFTPOS
terminals. Even Taxis, and business stands are increasing their use with
mobile EFTPOS terminals.
It doesn't matter if the transaction is small or large; New Zealanders
use their
EFTPOS for both, even for an amount that is as little as $1 NED. EFTPOS
are such a major part of spending in New Zealand that frequently network
failures occur, causing enormous delays, inconvenience and lost
revenue for businesses, until the network returns to service.
In 1985, The Bank of New Zealand introduced EFTPOS as a pilot system
with petrol stations. Today, New Zealand now has the most EFTPOS
terminals per population than any country in the world.
Australia:
EFTPOS-enabled cards in Australia are accepted at most swipe terminals,
which are able to accept credit cards. EFTPOS cards can be used to
deposit or withdraw cash over the counter at Australia Post outlets that
participate in giroPost. Even though EFTPOS terminals are seen all over
Australia, several merchants still relay on manual credit card terminals
for their main method cashless transactions.
Canada:
A similar system is available in Canada called Interac. Interac started
in 1994.
It has become so popular that in 2001, more transactions were carried
out using debit cards than cash. Starting in 2004, Interac Direct
Payment (IDP) purchases may be made in the United States with merchants
who are on the New York Cotton Exchange (NYCE) network.
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