16 October 2012 7:04am

The greatest risk consumers and merchants face as a result of recent developments in the payments system is a loss of choice, the head of Eftpos Payments said yesterday.

Eftpos managing director Bruce Mansfield said innovation in the retail payment market should incorporate choice and multi-functionality. He said he was concerned that recent developments did not meet these objectives.

Speaking at the Payment Innovation conference in Sydney yesterday, Mansfield said: "Contactless technology does not give consumers or merchants choice as to where a payment is sent."

These...