Express Payment System
Encyclopedia
EFTPOS
EFTPOS is the general term used for debit card based systems used for processing transactions through terminals at points of sale. In Australia and New Zealand it is also the brand name of the specific system used for such payments...
system originally of the ATM cards of Bank of the Philippine Islands
Bank of the Philippine Islands
Bank of the Philippine Islands is the oldest bank in the Philippines still in operation and is the country's third largest bank in terms of assets, the country's largest bank in terms of market capitalization, and the country's most profitable bank...
and its subsidiaries, BPI Family Savings Bank and BPI Direct Savings Bank
BPI Direct Savings Bank
BPI Direct Savings Bank, a wholly owned subsidiary of Bank of the Philippine Islands , is the Philippines’ first internet bank operating in a generally paperless environment with no defined geographical boundaries....
. Today, it is the EFTPOS system of the Expressnet
Expressnet
Expressnet is an interbank network connecting the ATM networks of seven major banks in the Philippines. It is the second-largest ATM network in terms of number of ATMs and the smallest in terms of customers and number of member banks...
interbank network
Interbank network
An interbank network, also known as an ATM consortium or ATM network, is a computer network that connects the ATMs of different banks and permits these ATMs to interact with the ATM cards of non-native banks....
in the Philippines
Philippines
The Philippines , officially known as the Republic of the Philippines , is a country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the South China Sea sits Vietnam...
. The system is the most popular EFTPOS system for ATM cardholders in the Philippines and is accepted nationwide. Rivals of the network include MegaLink
MegaLink
MegaLink is an interbank network connecting the ATM networks of nineteen* members in the Philippines with a total of more than 2,921* ATMs nationwide and handling more than 795,000* transactions a day...
's PayLink and the similarly named BancNet Payment System
BancNet Payment System
The BancNet Point-Of-Sale System is a local PIN-based electronic funds transfer payments solution operated by BancNet on behalf of the member banks and China UnionPay...
(BPS).
Although the Philippines is largely still a cash
Cash
In common language cash refers to money in the physical form of currency, such as banknotes and coins.In bookkeeping and finance, cash refers to current assets comprising currency or currency equivalents that can be accessed immediately or near-immediately...
-based society
Society
A society, or a human society, is a group of people related to each other through persistent relations, or a large social grouping sharing the same geographical or virtual territory, subject to the same political authority and dominant cultural expectations...
, the EPS is slowly but surely getting widespread prominence. Since its launch, it has expanded to be found in many stores nationwide and has since expanded from its roots with BPI
Bank of the Philippine Islands
Bank of the Philippine Islands is the oldest bank in the Philippines still in operation and is the country's third largest bank in terms of assets, the country's largest bank in terms of market capitalization, and the country's most profitable bank...
, which also pioneered Expressnet. In fact, the EPS is no longer limited to shopping: the EPS can also be used for things such as paying doctor's fees or paying for a haircut with the swipe of one's ATM card. Currently, there are more than 13,000 EPS merchants throughout the Philippines.
In 2005, the EPS expanded to include the ATM cards of Banco de Oro and Land Bank of the Philippines
Land Bank of the Philippines
Land Bank of the Philippines , also known as LANDBANK or by its initials, LBP, is a bank in the Philippines owned by the Philippine government with a special focus on serving the needs of farmers and fishermen...
, both Expressnet members. However, many EPS merchants claim that their EPS terminal works only with BPI ATM cards or do not know how to use Banco de Oro or Landbank cards with the EPS terminal; this is because virtually all EPS terminals are BPI terminals (Banco de Oro and Landbank EPS terminals debuted just recently). Also, Banco de Oro and Landbank ATM cards, unlike BPI ATM cards, cannot be directly swiped on an EPS terminal. In order to use these cards, an EPS merchant must enter the number 7 on the main screen then swipe the card to use these ATM cards. As of 2005, HSBC
HSBC
HSBC Holdings plc is a global banking and financial services company headquartered in Canary Wharf, London, United Kingdom. it is the world's second-largest banking and financial services group and second-largest public company according to a composite measure by Forbes magazine...
and its subsidiary, HSBC Savings Bank, although both members of Expressnet, do not participate in the EPS system, meaning that HSBC and HSBC Savings Bank ATM cards cannot be used on an EPS terminal.
In addition to functioning as an ATM EFTPOS terminal, EPS terminals also accept BPI credit
Credit card
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services...
, debit
Debit card
A debit card is a plastic card that provides the cardholder electronic access to his or her bank account/s at a financial institution...
and prepaid
Stored-value card
A stored-value card refers to monetary value on a card not in an externally recorded account and differs from prepaid cards where money is on deposit with the issuer similar to a debit card...
cards. However, these transactions are considered as BPI Express Credit transactions and not as EPS transactions.
Banco de Oro has its own terminal independent of the EPS either branded under the SM
SM Prime Holdings
SM Prime Holdings, Inc. or SM Prime is the parent company of the SM Group's shopping malls. It is the largest shopping mall and retail operator in the Philippines...
name or under its own name. Terminals under either name accept all Banco de Oro cards (Smarteller ATM card and derivatives, BDO Gift Card, BDO Cash Card and BDO credit cards) and have the functions of an EPS terminal. Terminals under the SM name, however, have extended capabilities such as having the capabilities of an EPS, PayLink and BPS terminal (and even the ATM cards of non-affiliated banks) all in one as well as the acceptance of other banks' credit, debit and prepaid cards.
The terminal can be found depending on the name. Terminals under the SM name can be found in all SM stores, such as their supermarkets, department stores and stores such as Surplus Shop and Toy Kingdom
Toy Kingdom
Toy Kingdom is a large toy store chain owned and developed by the SM Group by Chinese-Filipino businessman, Henry Sy, Sr. along with its corporation name, the "International Toyworld Inc". It features a variety of toys, gizmos & gadgets. The first branch opened at SM Megamall in 1991. Now there are...
. Terminals under the Banco de Oro name can be found in businesses that accept Banco de Oro cards before Banco de Oro joined the EPS. Some merchants though still use the Banco de Oro terminal.