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Eftpos Australia to launch national QR code payment scheme

Eftpos Australia to launch national QR code payment scheme

Eftpos, Australia's national debit card scheme, has announced details for a QR code payments network rollout covering online, mobile and high street transactions.

Eftpos aims to have the QR code payments network in trial by mid-year, with a national rollout expected to be completed in 2022.

CEO Stephen Benton says the move coincides with growing Australian familiarity with QR codes through daily interactions with Covide-19 check ins.

“The QR code payments network will enable local home-grown innovation by connecting numerous APIs, consumer digital wallets, and supporting technologies on top of the existing eftpos network rails, providing choice and potential cost savings for local businesses,” he says.

Separately, the company also launched a new real-time deposit and withdrawal messaging capability through the Beem It mobile wallet, which it acquired in November last year.

Says Benton: “Deposit and Withdrawal allows Beem It to use eftpos on the end-to-end P2P transaction between Australian multi-network debit cardholders - initiating the payment from the payer’s bank account, and depositing the funds to the payee’s bank account in seconds.”

Comments: (2)

A Finextra member
A Finextra member 27 February, 2021, 01:39Be the first to give this comment the thumbs up 0 likes

Contactless payments from Visa and Mastercard mortally wounded Eftpos seven years ago when it was stupidly focused on installing thirty year old switching technology. The push to contactless during the pandemic has effectively killed it off. It is only allowed to exist now as a ploy to allow the commercial banks to fool the Reserve Bank into thinking there is competition in the Australian card market. There isn't, and these two half-brained initiatives are as irrelevant now as Eftpos became in 2014. 

Warwick Ponder
Warwick Ponder - eftpos - Sydney 28 February, 2021, 20:51Be the first to give this comment the thumbs up 0 likes

Dear anonymous.  eftpos has been doing contactless since 2014.  It is growing and competing.  You can update here: https://www.eftposaustralia.com.au/wp-content/uploads/2020/10/eftpos-Annual_Report-2020.pdf