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eftpos reveals plans for national QR code payments network

Adrian Flores
Adrian Flores
25 February 2021 1 minute readShare
QR code payments network

Debit card system eftpos has announced it plans a national rollout of a QR code payments network as more Australians become familiar with QR code technology as a result of the coronavirus crisis.

eftpos aims to have the QR code payments network in trial by mid-year ahead of an expected national rollout to be completed in 2022.

According to eftpos, the network is designed to be low-cost and facilitate many value-added opportunities for merchants and consumers and is intended to seamlessly link loyalty, offers, receipts and more, while also driving deeper customer engagement.

eftpos chief executive Stephen Benton said the decision to roll out a national eftpos QR code payments network comes at a time when Australians are becoming familiar with QR code technology through daily interactions with COVID-19 check-ins and increasingly turning to digital shopping.

Mr Benton said the rollout was about reimagining the Australian payment experience, while businesses are looking to new digital innovations to improve efficiency and create better customer experiences.

“Digital transactions enabled through the national QR code payments network aim to elevate and enrich the consumer payment experience while driving growth for local businesses,” Mr Benton said. 

“Initiating secure purchase transactions using a consumer’s preferred digital wallet unlocks a wealth of extra benefits that will transform the way Australians choose to pay.”

Mr Benton added as part of eftpos’ digital strategy driving e-commerce competition in Australia, the technology allows merchants to grow their digital sales with low-cost QR acceptance using enriched data and integrated customer loyalty services, by leveraging eftpos’ robust and secure Australian-owned network infrastructure.

He said it works by generating unique QR codes containing transaction details that are captured on a consumer’s mobile phone, initiating a secure digital wallet payment that is seamlessly integrated with the merchant’s loyalty service provider.

“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,” Mr Benton said.

eftpos reveals plans for national QR code payments network
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Adrian Flores
Adrian Flores

Adrian Flores is the deputy editor of MyBusiness. Before that, he was the deputy editor for SMSF Adviser as well as features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.

You can email Adrian at [email protected].

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