Australian Payments Plus (AP+) and the Australian Banking Association (ABA) are urging consumers to update their debit cards in mobile wallets before the Jan. 1, 2025, deadline, to ensure continued electronic funds transfer at point of sale (EFTPOS) payment functionality, they said in a joint statement Monday.
About 60,000 of the domestic payment provider's debit cardholders must manually remove and re-add their cards to their mobile wallet to avoid disruptions, per the statement.
The ABA represents financial services firms across Australia, including ANZ Group Holdings (ASX:ANZ, NZE:ANZ), Commonwealth Bank of Australia (ASX:CBA), National Australia Bank (ASX:NAB), and Westpac Banking Corporation (ASX:WBC, NZE:WBC).
In recent Tuesday trade, the shares of Commonwealth Bank of Australia, ANZ Group Holdings, Westpac Banking Corporation, and National Australia Bank each fell nearly 1%
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