Editing EFTPOS (section)

== History ==
{{main|Debit card#United States}}

EFTPOS technology originated in the United States<ref>{{Cite web |last=Gregory |first=Justin |date=2018-06-09 |title=The only way to pay? Charting the history and future demise of Eftpos |url=https://thespinoff.co.nz/business/09-06-2018/the-only-way-to-pay-charting-the-history-and-future-demise-of-eftpos |access-date=2022-12-27 |website=The Spinoff |language=en}}</ref> in 1981 and was rolled out in 1982. Initially, a number of nationwide systems were set up, such as ''Interlink'', which were limited to participating correspondent banking relationships, not being linked to each other. Consumers and merchants were slow to accept it, and there was minimal marketing. As a result, growth and market penetration of EFTPOS was minimal in the US up to the turn of the century.

In a short time, other countries adopted the EFTPOS technology, these systems were limited to the national borders. Each country adopted various interbank co-operative models. In Australia, in 1984 Westpac was the first major Australian bank to implement an EFTPOS system, at BP petrol stations. In New Zealand that same year Bank of New Zealand was the first bank to introduced an EFTPOS system, initially at Shell petrol stations. The other major banks in Australia implemented EFTPOS systems during 1984, initially with petrol stations. The banks' existing debit and credit cards (but only allowed to access debit accounts) were used in the EFTPOS systems. In 1985, the [[State Bank of Victoria]] developed the capacity to host connect individual ATMS and helped create the ATM (Financial) Network.  Banks started to link their EFTPOS systems to provide access for all customers across all EFTPOS devices. Cards issued by all banks could then be used at all EFTPOS terminals nationally, but debit cards issued in other countries could not. Prior to 1986, the Australian banks organised a widespread uniform credit card, called [[Bankcard]], which had been in existence since 1974. There was a dispute between the banks whether Bankcard (or credit cards in general) should be permitted into the proposed EFTPOS system. At that time several banks were actively promoting MasterCard and Visa credit cards. Store cards and proprietary cards were shut out of the new system.

Since 2002, the use of EFTPOS has grown significantly, and it has become the standard payment method, displacing the use of cash. Subsequently, networks facilitating the process of money transfer and payment settlement between the consumer and the merchant grew from a small number of nationwide systems to the majority of payment processing transactions. For EFTPOS, USA based systems allow the use of debit cards or credit cards.