The initiative is currently being developed with three New Zealand-based financial institution, namely ASB, BNZ and TSB, and will allow banks to offer a way for their customers to pay for online goods and services using their existing bank accounts and their mobile device.
A pilot is planned for November 2014 with the official launch planned for 2015.
Online EFTPOS payments work through digital tokens, meaning customers do not need to reveal their financial details (including bank account information) to merchants when they are shopping.
New-Zealand based electronic payments provider Paymark is essentially the middleman, dealing with the financial institution and the point of sale technology (EFTPOS machine) to move money from the bank account to the place the customer is purchasing from.
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