Eftpos to launch QR code payments in Australia

Eftpos today announced plans to roll out a QR payments network across Australia, in a move to help lower merchant costs and widen contactless payment options for consumers.

The network will work by generating unique QR codes containing transaction details that customers can capture on their mobile phone to make a digital wallet payment.

It’s technology designed to simplify the checkout process even further - debit card holders can make purchases online, via their mobile phone or in-store, without having to manually enter their card details.

The announcement comes at a time when Australians have grown increasingly attuned to scanning QR codes, thanks to COVID-19 check-ins at physical venues. 

Eftpos’ chief executive officer, Stephen Benton said the QR network is part of the company’s strategy to boost eCommerce competition in Australia as more people embrace online shopping and contactless payments amid the pandemic. 

“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,” he said.

“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.” 

One feature of this new service is that it can instantly credit loyalty points to the customer if they’ve linked a loyalty program to their mobile wallet. It will also give merchants the option to issue digital receipts.

The trial is set to begin by mid this year, with a national rollout expected to finish in 2022. 

Want to read about other cutting-edge tech for spenders? Then check out our article on 4 fintechs that can help you tackle your finances, or visit our fintech hub for more news on the latest innovations.