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Highlights:
- EFTPOS Update: From 1 January 2025, a network update will affect all cards on mobile wallets and wearable devices.
- Possible Payment Issues: Aussies who don't update their devices may be unable to make payments for food, drinks, or essential services.
- Urgent Action Required: Consumers are advised to update their mobile wallet or wearable device before New Year's Day to avoid payment disruptions.
A warning has been issued to Australians about a crucial change to the EFTPOS payment system that could affect how they pay for goods and services in the new year. From 1 January 2025, a major update to the EFTPOS network will impact all cards stored on mobile wallets and wearable devices, such as smartwatches.
The update, which will take effect at 12:01am on New Year’s Day, is designed to ensure that Aussies can continue to make EFTPOS payments smoothly. However, those who haven't updated their mobile wallet or wearable device may find themselves unable to make purchases, including food, drinks, or even essential services as they ring in the new year.
“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 Lynn Kraus, CEO of Australian Payments Plus (AP+).
Australians are being urged to update their payment methods ahead of the change to avoid disruptions during the festive period.
