EFTPOS in New Zealand had a fairly humble beginning, launching in 1984 via a bank computer connected to a Woolworths Supermarket and Shell Service Station.
At that time New Zealand’s fledgling electronic transaction services fell into two camps and it wasn't until the four banks of the time decided to combine what was two networks into one entity in 1989 that Electronic Transaction Services Ltd (Paymark) was born. With one company running a national real-time payments network, New Zealand led the world and still does.
By March 1990, volumes through our network had exceeded 1 million transactions per month and by 1994, we had increased our infrastructure tenfold and could process volumes exceeding 10 million per month.
Since then Paymark EFTPOS has become so embedded, so trusted that the New Zealand public rely on us to ensure that electronic purchasing is available wherever purchases for goods and services need to be made. We are the middleman, empowered to move money from the customer's account to the merchant’s account, and do it reliably, safely and securely.
We have grown our market share to over 75 percent because for the New Zealand buying public, EFTPOS is the cornerstone of their purchasing. We all use our debit or credit card over 270 times per year and that is because EFTPOS became the safest and easiest way to transact. It's brought us to the point where, in 2015 alone, we processed over 1.2 billion transactions worth over $60 billion on behalf of our network of more than 50 card issuers and acquirers.
In our history to date, we have put through 16 billion transactions, worth an estimated $700B, and worked with over 120,000 merchants.
We operate one of the best electronic payments systems in the world.
We invest heavily in technology, and our network stands up to the most rigorous global standards, including the new global EMV (EuroPay, MasterCard, Visa) compliance. We use secure encryption technology, and operate in accordance with strict requirements for service providers set out in the Payment Card Industry Data Security Standard (PCI DSS) to ensure the security of cardholder data. Operating with clear and consistent payments standards is essential to our business.
We also run an annual compliance programme that ensures we continue to evolve our information systems to meet the changing requirements of the payment card industry. We have built many long-term relationships with card issuers in order to provide a range of additional services and solutions that only our technology combined with our experience allows.
Delivering solutions that make paying electronically easier and more intuitive in a period of unprecedented change is challenging, but we believe that wherever you are in the world you should be able to transact easily from a range of devices. That is why, if you looked closely at our company, you’d see that our Technology team is by far the largest.
We have a fantastic legacy to build upon and will continue to grow our core technology to support the development of a full suite of modern, world leading payments products.