The new system will allow retailers using the CBA's EFTPOS network to sell things such as mobile phone recharge cards, cinema vouchers, fishing licenses, Internet recharge, ringtones and logos, and electronic gift cards through the EFTPOS terminal. The system will also allow customers to make bill payments through the terminal.
Many retailers currently provide these services manually, for example holding physical phone cards in stock. The Commonwealth Bank argues that offering these phone cards through the EFTPOS terminal provides the benefits of no capital costs, no storage costs and no risk of theft - since the products are not available until paid for by the customer.
The bank is teaming up with electronic transaction company Intellect to provide the services.
