Commentary

41 EFTPOS terminals and contactless payment

BILLS OF EXCHANGE vol 4(1)
| Commentary

41 EFTPOS terminals and contactless payment

| Commentary

41 EFTPOS terminals and contactless payment

Dial terminals1 have now themselves given way to EFTPOS2 terminals. The card is inserted into the terminal and the card data transmitted to the authorisation centre. The cardholder is prompted to enter his PIN. If all is in order the transaction is completed. As money is credited directly to the merchant’s account, there is no need for the cardholder to sign a draft.

For small transactions (up to £20) it is now also possible to pay by contactless payment. Certain credit and debit cards (and cards which may be affixed to mobile

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