Eftpos gears up to pilot QR code payments system in 2021
Eftpos has announced that it is working with merchants to deliver a national QR code payment system, which is slated to be delivered initially as a pilot in 2021.
Eftpos foresees QR code payments will be used on "almost all mobile devices and offer both consumers and merchants more benefits because of the data-rich format, while also providing lower costs and deeper customer engagement for Eftpos members".
It is one of five key areas that the company will be focused on for the next two years as part of its digital strategy. Other areas of focus will include expanding its footprint within the mobile wallet space, e-commerce, delivering a digital identity solution, and continuing its API program with fintechs.
Eftpos said by 2022, it plans to deliver an all-in-one digital wallet that will bring together its digital identity solution, loyalty and rewards, electronic receipts, deposits and withdrawal functions, and QR code payment system.
"The Eftpos digital product strategy has been devised with an Australian focus, creating world-class innovations to compete against global players … we aim to do this by engaging with members, fintechs and retailers to make everyday payments easy, secure, smart and cost efficient," Eftpos boss Stephen Benton said.
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In August, Eftpos made its first play in the digital payment realm with the rollout of its digital payment service to banks and retailers.
Prior to that, the payments company teamed up with distributed ledger firm Hedera Hashgraph to develop a micropayments proof-of-concept in hopes it could be used as an alternative payment to monthly subscriptions or paywalls.
At that time, Eftpos also announced it was teaming up with Australia Post to trial a new digital identity solution, ahead of its official launch before the end of the year.
Known as connectID, the service acts as a broker between identity service providers and merchants or government agencies that require identity verification, such as proof of age, address details, or bank account information.
The connectID solution, like the postal service's Digital ID, was designed to work within the federal government's Trusted Digital Identity Framework (TDIF) and the banking industry's TrustID framework.
The trial followed a proof-of-concept with 20 other "well-known" Australian brands earlier this year.
Just last month, Eftpos signed a deal to purchase Australian payments app Beem It from the Commonwealth Bank of Australia, the National Australia Bank, and Westpac.
Earlier this week, New Payments Platform Australia (NPPA), the company charged with the oversight of all of the transactions moving through Australia's updated payments system, alongside Eftpos and BPAY, announced plans to amalgamate.
The group of domestic payment organisations said the new company would create a "stronger, unified entity that will aim to reduce costs, increase innovation and efficiency, and be better able to compete with the growing scale of overseas multinational payment platforms".
Following the merger, provided the Australian Competition and Consumer Commission (ACCC) approves the deal, the new entity would boast a single board comprised of members from each organisation. Eftpos, BPAY Group, and NPPA will be preserved as distinct operations.