The new ‘tap and pay’: Launch of eftpos QR payment system just around the corner

person-using-eftpos-qr-code-payment-system

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.

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