If you’re dealing with a lot of tourists, it is therefore paramount to accept other debit cards than the eftpos card only Australians use. The card acceptance agreements for eftpos and international card schemes are usually separate, but we know of one company – Square – that includes card acceptance for both without the need to sign any contract.
It is, on average, cheaper for a merchant to accept eftpos than it is to accept a debit card by Mastercard or Visa. In the December 2019 quarter, merchants paid only 0.3% of the transaction value of eftpos payments, while it cost the merchant 0.5% per transaction if a Visa or Mastercard debit card was used (average costs as outlined by Reserve Bank of Australia).
There are other differences between the debit card systems: