eftpos announced details for a national QR code payments network rollout, which aims to provide Australian consumers and merchants with better data-rich payments experiences no matter where they choose to shop – online, on their mobile or at the checkout. eftpos is Australia’s debit card system, processing over 2 billion debit card transactions in 2020 worth an average of more than $300 million each day.
eftpos aims to have the QR code payments network in trial by mid-year, designed to be low cost and facilitate many value added opportunities for merchants and consumers. It is intended to seamlessly link loyalty, offers, receipts and more, while also driving deeper customer engagement. The national rollout is expected to be completed in 2022.
eftpos CEO Stephen Benton said the decision to rollout national eftpos QR code payments network comes at a time when Australians are becoming familiar with QR code technology through daily interactions with COVID19 check ins and increasingly turning to digital shopping.
Mr Benton said the rollout was about re-imagining 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 consumers’ 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’ strategy driving digital 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”.
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.