Eftpos Payments Australia is to commence trials of a mass-market digital identity service backed by the country top banks and retailers.
In a submission [PDF] to the government's Select Committee on Financial Technology and Regulatory Technology, the company says it has already completed a proof-of-concept of the service with 17 businesses and will move to trial shortly.
The firm says the aim is to create a "smoother, faster and more secure onboarding experience", including for Government services, as well as to provide privacy-protecting ways to distribute government funds such as social security, disaster relief, health services or small business assistance.
"With access to more than 40 million bank accounts utilising bank verification systems with eftpos’ capability, we are uniquely placed to provide digital Identity services with the support of Australian Issuing banks," states the firm. "Customers can rely on eftpos’ reach and payments data access to utilise their credentials without having to input their data time and again."
The solution would additionally reduce the impact of fraud, protect citizens from identity theft crime and provide fintechs with low-cost access to a range of new marketplace and channel that currently have high barriers to entry, says the firm in its submission.