eftpos launches QR code, digital wallet payment system for Australia

NEW SCHOOL: Australian payments giant eftpos is introducing new QR code driven digital wallet payments - including from its own
NEW SCHOOL: Australian payments giant eftpos is introducing new QR code driven digital wallet payments - including from its own "Beem It" wallet app. Photo eftpos

Australian payments giant eftpos today, July 28, announced it has built its new QR code payments experience infrastructure on schedule.

eftpos says its strategy is focused on driving digital competition in Australia and choice for consumers and merchants via an integrated payment experience.

The first stage of QR infrastructure was built in early July and was designed to provide secure and enhanced consumer purchasing and engagement experiences through loyalty, offers, receipts and added security.

Testing of the new QR code infrastructure is underway and end-to-end testing will be completed when the first merchant is live in August.

While the payment company's own "Beem It" digital wallet will be Australia's first integrated QR wallet, eftpos says it remains wallet and partner agnostic, thus allowing consumers to initiate and transact securely with their preferred digital wallet.

The first commercial trials of the "Beem It" digital wallet will be announced in the coming weeks.

Learn about digital payments

eftpos was named as the 17th member of Texas-based cryptocurrency company Hedera Hashgraph's Governing Council and is Australia's first network node operator for Hedera.

Hedera's advanced Hashgraph cryptographic technology is known for its speed and scalability, making it perfect to handle the volumes of what could be almost a country's entire payment system.

Distributed ledgers such as blockchain and hashgraph are by their very nature, secure and traceable.

eftpos CEO Stephen Benton the new digital infrastructure allowed merchants to grow their sales with low-cost QR acceptance, using enriched data and integrated customer loyalty services that can help them up-sell in real time.

And all by leveraging eftpos' robust and secure Australian owned network infrastructure, he said.

"There had been considerable demand to work on various QR solutions with several merchants across different business categories including entertainment, charities, and quick services restaurants, in addition to a number of FinTech partners, gateways, banks and digital wallet providers," Mr Benton said.

"It's exciting to see the build come to life at such pace and experiencing demand beyond initial expectations. It means we can start to bring exciting new commercial applications to market sooner and aim to provide Australians with better, consistent, data-rich, digital payments experiences no matter where they choose to shop - online, on their mobile or at the checkout."

"There is no doubt that QR codes are now familiar to Australian retailers and consumers because of COVID.

"We can begin to use that experience and knowledge in new ways that create value through end to end digital wallet payment experiences that are designed here, especially for the local Australian market.

"The infrastructure itself is focused on building out new experiences beyond payments, addressing some common pain points, including loyalty, redemption, splitting payments and storing digital warranties, and also digital receipts - which is particularly helpful at tax return time," Mr Benton said.

The broader eftpos Group team was leveraging its experience with QR codes in the Australian market to build the eftpos QR infrastructure quickly, thanks to its technical expertise.

Mr Benton said eftpos was looking forward to collaborating with FinTechs and other industry partners to develop uniquely Australian solutions enhancing consumer and retail experiences to flourish in this market and drive greater value to help grow businesses.

OLD SCHOOL: Swiping a plastic card card will soon be a thing of the past as Australian payments giant eftpos introducing QR code driven digital wallets. Photo Shutterstock

OLD SCHOOL: Swiping a plastic card card will soon be a thing of the past as Australian payments giant eftpos introducing QR code driven digital wallets. Photo Shutterstock

An eftpos spokesperson said the new QR code digital wallet system was not a replacement for traditional near-field communication (NFC) wireless payment systems.

And it was not just about point of sale payments.

"It brings a whole lot of new, data-rich opportunities for consumers and merchants, across mobile, online and point of sale platforms," eftpos says.

"In sum, QR takes the customer and merchant experience to the next level and operates on multi-platforms, not just point of sale."

Comments

Discuss "eftpos launches QR code, digital wallet payment system"

Please note: All comments made or shown here are bound by the Online Discussion Terms & Conditions.