Aussies are being warned about an upcoming change in the way EFTPOS cards work, which could leave consumers without access to their funds if they don’t heed the caution. The EFTPOS network is set for a technical update beginning New Year's Day, impacting all cards installed on mobile wallets and wearable devices, such as smartwatches.
This change means Australians will need to be diligent as the transition rolls out to prevent any hitches when trying to pay for food, drinks, or important services during the peak holiday season. According to Australian Payments Plus (AP+) chief executive Lynn Kraus, the update will take effect from 12:01 am on January 1, 2025, and if mobile wallets aren’t updated by then, it could disrupt many consumers' New Year celebrations.
“Even though this could impact only a minority of consumers with EFTPOS debit cards in their mobile wallet, we are acting now out of an abundance of caution, as it is an extremely busy time of year for payments, and for those who won’t be able to complete a payment, it will matter,” said Kraus, also apologizing on behalf of AP+ to anyone who might face inconvenience.
The update involves the Electronic Funds Transfer at Point of Sale (EFTPOS) system, which facilitates payments through debit or credit cards and mobile wallets. The changes aim to refresh the technology surrounding EFTPOS services, ensuring users can continue making transactions without interruption heading toward 2025. Though AP+ has rolled out several updates automatically, around 60,000 cards on mobile wallets will require manual updates to function correctly.
This affects users on popular platforms, including Apple Pay, Google Pay, and Samsung Pay, making it imperative for consumers to take action quickly. Customers likely to be impacted are those who added their debit cards to mobile wallets before July 2023 and have enabled functionality for EFTPOS transactions. “This is particularly important as many users will be relying heavily on EFTPOS services during the transition weekend,” added Kraus.
“We’ve worked closely with banks to identify impacted customers, and they will be reaching out to provide detailed instructions on the necessary updates,” explained Anna Bligh, the CEO of the Australian Banking Association. Bligh reassured users, saying, “This update will only impact a small number of customers and banks will reach out to those who need to take action. It is a straightforward and quick fix, with affected customers simply needing to remove and re-add their card to their mobile devices.”
Despite these reassurances, there is concern about potential fraud during this transition period. With changes to payment systems, Australians are being warned to remain vigilant for scammers targeting unsuspecting consumers, especially those who might receive unsolicited messages alerting them to the updates. “Consumers should be suspicious of any message asking them to share personal information or bank details,” said an AP+ spokesperson, highlighting the risks of phishing attempts.
For those who think they might be affected, it is suggested they proactively check their mobile wallets and carry out any necessary updates before January 1. The spokesperson also reiterated, “No direct contact will be made to consumers from EFTPOS or AP+, so it's important they verify any messages received before taking action.”
Ahead of the New Year celebrations, it is crystal clear—the timing of this update couldn’t be more impractical. For many Australians, planning gatherings, parties, or simply enjoying the festivities relies heavily on seamless payment options. Hence, it’s more important than ever to stay informed about the changes, understand potential impacts on payment behavior, and take appropriate actions well before New Year's Eve.
Consumers expecting to rely on their mobile wallets and wearable payment devices should monitor email or mobile notifications from their banks and act quickly to avoid disruptions when trying to enjoy their New Year's celebrations. By doing so, they can safeguard their financial transactions heading toward 2025 without unwarranted obstacles or capabilities.
All things considered, the upcoming EFTPOS network update serves as more than just a mere technical adjustment; it’s also a reminder for Australians to exercise diligence with their digital payment methods, particularly as the festive season rolls around. Stay updated, verify information, and keep plans on track as the year draws to a close.
