All NZ Eftpos terminals to get upgrade before 2011

The Rugby World Cup is expected to be a billion dollar cash cow for retailers, but it will also make them dig into their pockets.

All 60,000 Eftpos terminals across New Zealand must be upgraded before June next year to meet new global security and technology standards.

Simon Tong, CEO of electronic payments provider Paymark, says some of the new chip card technology around the world does not work with the current terminals.

He says New Zealanders are the highest users of Eftpos per capita in the world, with some retailers taking 80 to 90 per cent of the day's transactions through the terminal. He believes businesses will not want to miss out on the $1.7 billion estimated to be spent.

Mr Tong says a new terminal would cost a retailer around $1500.

- NEWSTALK ZB