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Debit Card
Types of debit cardFSA debit cardsFranceUnited KingdomRest of EuropeOnline and offline debit transactionsIssues with deferred posting of offline debitCards for mail, telephone and Internet use onlyFinancial accessDebit cards around the worldCanadaUKNew ZealandAustraliaGermanyChileColombiaThe NetherlandsUnited StatesJapanRussiaSingaporePhilippinesIndia
Types of debit cardFSA debit cardsFranceUnited KingdomRest of EuropeOnline and offline debit transactionsIssues with deferred posting of offline debitCards for mail, telephone and Internet use onlyFinancial accessDebit cards around the worldCanadaUKNew ZealandAustraliaGermanyChileColombiaThe NetherlandsUnited StatesJapanRussiaSingaporePhilippinesIndia
New Zealand
The EFTPOS (electronic fund transfer at point of sale) system is highly popular in New Zealand, with more debit card terminals per head of population than any other country, and being used for about 60% of all retail transactions. According to the largest EFTPOS network provider, "New Zealanders use EFTPOS twice as much as any other country."Virtually all retail outlets have EFTPOS terminals, particularly supermarkets, "dairies" (convenience stores), service stations, and bars. Increasingly Taxi operators, businesses operating from stands at events and even pizza delivery people have mobile EFTPOS terminals.
New Zealanders use EFTPOS for both small and large transactions. It would not be unusual for a New Zealander to use an EFTPOS card to pay for an amount as small as 50 cents NZD. Because EFTPOS is such an integral part of spending in New Zealand, rare network failures cause tremendous delays, inconvenience and lost income to businesses who must resort to manual "zip-zap" swipe machines to process EFTPOS transactions until the network returns to service.
Typically New Zealand merchants do not pay a fee per transaction as is the case in Australia and other countries. Transaction fees are typically borne by the customer, and retailers pay a fixed monthly equipment rental fee. As bank accounts for students and children under 18 years old typically attract low or no electronic transaction fees, the use of EFTPOS by the younger generations has become virtually ubiquitous. In recent times, major banks have started to offer accounts with no EFTPOS transaction fees.
The Bank of New Zealand introduced EFTPOS to New Zealand in 1985 through a pilot scheme with petrol stations.
EFTPOS is operated through two primary networks. One, EFTPOS NZ, owned by ANZ, and a second operated by Electronic Transaction Services Limited which is owned by ASB Bank, Westpac, and the Bank of New Zealand. The ETSL network processes approximately 80% of all EFTPOS transactions in New Zealand on their Paymark EFTPOS network and has over 60,000 points of sale.
During July 2006 the five billionth EFTPOS payment flowed across the ETSL/Paymark EFTPOS network since the electronic form of payment was introduced in New Zealand in 1989.
On [[9 May]] [[2007]], Payment Express was certified as the first (and to date only) IP / broadband certified terminal allowing EFTPOS transactions to be transmitted securely over the Internet.
However security issues regarding EFTPOS payments over the public Internet and the costs associated with legacy (dial up) terminal replacement has hampered the growth of the IP medium in New Zealand. One company, Merchant IP Services (MIPS) offers an alternative IP-POS solution allowing for the secure IP connection of most legacy (dial-up) terminals without the need for terminal replacement. The PCI compliant and Paymark certified MIPS IP-POS system consists of a MIPS WebNAC connected to the legacy EFTPOS terminal converting dial up transaction data to IP before transporting the payment securely to the bank switch.
In March 2008 ETSL Paymark partnered with virtual wallet payment system to create New Zealands first debit or "stored value" system for online shopping.