Eftpos, the Australian debit card provider revealed its plans of rolling out a national QR code payment network. The new system will play an important role in providing a seamless payment experience across the point of sale, mobile, and e-commerce platforms in Australia.
According to the Australian Post, over 5.2 million Aussie households opted for digital shopping in January 2021, a 25% increase from January 2020.
The timing of the announcement could not have come at a better time as Australian consumers are leaning towards digital shopping and gradually getting acquainted with the QR check-in technology. This shift in the consumer behaviour can be attributed to the COVID-19 pandemic and the stringent lockdown measures imposed by the Australian government.
Stephen Benton, CEO, Eftpos, said that the QR code payments network is primarily designed to enable value-added opportunities for consumers and boost customer engagement by linking to the current reward and loyalty systems. He also mentioned that the QR code payments network will increase local innovation by linking consumer digital wallets, different APIs, and technologies on top of the existing Eftpos network framework.
Eftpos’s Digital Product Strategy
The QR code payments network is an integral component of Eftpos’s digital strategy to accelerate innovation and competitiveness within the Australian e-commerce sector.
The strategy includes five core areas including digital identity, APIs and fintech access, mobile wallets, e-commerce, and national QR code payment rollout.
Earlier in the week, Eftpos revealed its fintech-related advisory committee to provide fintech companies a voice in how they can utilize Eftpos’s platform. Some of the members of the committee include fintech companies including Azupay, Bleuco, Monoova, Assembly Payments, Verrency, and The digital strategy is developed for Australian businesses and enables them to develop and roll out world-class innovations and compete with international players.
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Eftpos’s real-time payment service
Apart from announcing plans of rolling out a national QR code payments network, Eftpos has also launched a peer-to-peer real-time payment service on Beem It. According to the company CEO, Stephen Benton, the new service will gradually replace manual processes with real-time fund transfers. He also said, “ In many ways, Eftpos was Australia’s first fintech and our digital strategy builds on that history to deliver Eftops’s purpose – to do good for Australia. We aim to do this by engaging with members, fintech, and retailers to make everyday payments easy, secure, smart, and cost-efficient.”
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