The Bank of New Zealand first introduced EFTPOS to New Zealand in 1985 through a trial period with petrol stations. In 1989 the EFTPOS system was officially launched and two providers owned by the major banks now run the system, Paymark and ANZ.
During July 2006, we saw the five billionth EFTPOS payment transacted through the Paymark EFTPOS network since the electronic form of payment was first introduced in 1989.
For many the name of the payment system is a mystery in itself. So, let’s start off with explaining what EFTPOS stands for:
E – Electronic
F – Funds
T – Transfer
P – Point
O – Of
S - Sale
For more information on EFTPOS in NZ click here to download out handy guide.
Sometimes the simplest things on the face of it are actually quite complicated. The same is true of EFTPOS. There’s a lot to learn about EFTPOS, and it has changed radically since 1989.
For a useful PDF guide to EFTPOS, simply click here and let us know if you would like the English, Mandarin or Korean version. Our guide covers everything you need to know about EFTPOS, including what to look for in a terminal, the options you have and the questions to ask EFTPOS providers when comparing quotes.
At Smartpay, we guarantee to beat any competitor price. But more than that we guarantee to provide the best solution for your needs, backed up with great service and multi-language helpdesk.
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