The new ‘tap and pay’: Launch of eftpos QR payment system just around the corner
Once a bit of a novelty, QR codes have become part of everyday life for Australians over the course of the pandemic, and they may be here to stay for good if eftpos has a say in the matter.
The Australian payments provider announced this week that it is set to roll out a new, QR code-based payments system in the coming months called eftpos QR (or eQR).
eftpos QR will provide an alternative payment option for consumers by allowing them to make payments with their smartphone via scanning a QR code, with the technology set to be made available in physical retail stores, websites and on documents like paper bills.
According to eftpos chief executive, Stephen Benton, eQR has been designed to make the payments simpler for customers, while providing businesses with greater access to data and the ability to incorporate loyalty schemes and digital receipts into the payment process.
“We expect eQR will quickly become the QR equivalent of eftpos Tap & Pay on debit cards. COVID has changed customer behaviour and Australians are now ready for the enhanced payment experience offered by eQR,” he said.
“The eQR platform aims to provide better experiences for consumers and merchants through added security, loyalty, offers and digital receipts, no matter where they choose to shop – online, on their mobile or at the checkout.”
A number of banks, fintechs and retailers have already partnered with eftpos to facilitate the rollout of eQR, including the Commonwealth Bank, NAB, Azupay, Beem It, Merchant Warrior, Coles and Woolworths.
"We know speed and ease through the checkout are increasingly important to our customers amid their busy lives,” said Woolworths’ Wpay managing director, Paul Monnington. “Now is the perfect time to introduce QR and we look forward to building the next generation of seamless payment experiences with eftpos in the months ahead."
While it remains unclear how exactly consumers will be able to use eQR, and whether or not the service will be made available in existing digital wallets, an explainer video on the eftpos website states that QR payments can be made using an ‘eftpos-enabled wallet’.
eftpos says that eQR service is currently being trialled with a number of retailers ahead of an expected public roll out in the lead up to Christmas.
RELATED: What can we expect as non-major banks join the open banking party from July 1?
Interested in more developments related to banking and financial technology? Check out the range of articles and guides available on the dedicated Mozo fintech hub.
Compare debit cards
-
Mozo experts choice awards won:
- Exceptional Everyday Account - 2024
Orange Everyday
$0.00
Apple Pay, Google Wallet, PayID, PayTo
Visa Debit
The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply) and no monthly fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareOrange Everyday
The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply) and no monthly fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, PayTo
- what kind of card
- Visa Debit
- interest rate
- Balances from $0: 0.00% p.a.
- fee-free transactions
- Access 1% cashback on eligible utility bill payments (up to $100 per financial year), rebates on ATM fees for the first 5 fee incurring withdrawals (domestic). When you deposit at least $1,000 from an external bank account and make at least 5 card purchases using your ING debit card each month.
Read reviews and learn more about ING bank accounts
-
Everyday Global Account
$0.00
Apple Pay, Google Wallet
Visa Debit
Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^
CompareCompareEveryday Global Account
Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet
- what kind of card
- Visa Debit
- interest rate
- Balances from $0: 0.00% p.a.
- fee-free transactions
- Unlimited free transactions from HSBC ATMs, EFTPOS, phone, internet, BPAY and direct debits
Read reviews and learn more about HSBC bank accounts
-
Everyday Options Account
$0.00
Apple Pay, Google Wallet, PayID
Visa Debit
Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.
CompareCompareEveryday Options Account
Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID
- what kind of card
- Visa Debit
- interest rate
- Balances from $0: 0.00% p.a.
Balances from $1: 0.01% p.a.
- fee-free transactions
- Unlimited free transactions from own-bank ATM, atmx ATM, Big 4 banks ATM, EFTPOS, counter withdrawals, counter deposits, phone and internet
Read reviews and learn more about Suncorp bank accounts
-
Glide Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, Garmin Pay
Visa Debit
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
CompareCompareGlide Account
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, Garmin Pay
- what kind of card
- Visa Debit
- interest rate
- Balances from $0: 0.00% p.a.
- fee-free transactions
- Unlimited free internet transactions.
Read reviews and learn more about MyState Bank bank accounts
-
Carbon Insights Account
$0.00
Apple Pay, PayID, Google Pay
Visa Debit or
EFTPOSAn online-only transaction account with carbon insights available through the Suncorp App. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
CompareCompareCarbon Insights Account
An online-only transaction account with carbon insights available through the Suncorp App. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
- account fee
- $0.00
- Payment Options
- Apple Pay, PayID, Google Pay
- what kind of card
- Visa Debit or
EFTPOS
- interest rate
- Balances from $0: 0.00% p.a.
Balances from $0.01: 0.01% p.a.
- fee-free transactions
- Unlimited free transactions from own-bank ATM, atmx ATM, Big 4 banks ATM, EFTPOS, counter withdrawals, counter deposits, phone and internet
Read reviews and learn more about Suncorp bank accounts
-
Transaction Account
$0.00
Apple Pay, Google Wallet, PayID
Debit Mastercard
Earn interest on all balances. No monthly account fees. Winner of a Mozo Experts Choice Australia's Best Bank 2023^.
CompareCompareTransaction Account
Earn interest on all balances. No monthly account fees. Winner of a Mozo Experts Choice Australia's Best Bank 2023^.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID
- what kind of card
- Debit Mastercard
- interest rate
- Balances from $0: 2.75% p.a.
- fee-free transactions
- Unlimited free transactions from any Australian ATMs, phone, internet, BPAY and direct debits
Read reviews and learn more about Macquarie bank accounts
Your selected finteches
Your selected finteches
Your selected finteches
Your selected finteches
Your selected finteches
Your selected finteches
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.