Eftpos begins Australia-wide QR payment rollout

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May 17 2021
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Eftpos will be tapping subsidiary Beem It to take the lead on an Australia-wide rollout of a QR code-based wireless payments utility.

Eftpos previously announced its intentions to bring QR-based payments to the Australian market back in November 2020, with CEO Stephen Benton forecasting that: “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.”

Now, Eftpos said, Beem It is working to trial the technology with multiple merchant partners, with consumers told to look out for their QR code payment in the market from July 2021.

The new payments infrastructure will equip both retail merchants with a unique QR code that customers can use to pay for goods and services via digital wallets like Apple Pay, Google Pay and Samsung Pay.

“The time is right because Australians are now very familiar with using QR codes for activities like COVID-19 check-ins, and they are increasingly turning to new ways of shopping in the digital environment,” Mr Benton said.

“Australians are rapidly moving much of their daily lives to mobile and Beem It is a great Australian-owned and operated option for them to embrace digital payments. It’s easy to use, secure and free to download.”

Eftpos said that work on the rollout will begin immediately, though it isn’t expected to be completed until 2022.

As a technology, QR codes have been globally deployed in various contexts over the years.

In markets like China, paying for goods and services via QR code is much more mainstream, thanks to apps like WeChat. A report by China UnionPay suggested that as much as 85 per cent of Chinese consumers used QR codes to pay in 2020.

Eftpos acquired QR payments app Beem It in November 2020 for an undisclosed sum. Prior to that, the company was owned by Commonwealth Bank of Australia, the National Australia Bank, and Westpac.

In a statement, Beem It acting CEO Ciaran Forde called the rollout “an exciting opportunity for Beem It because eftpos QR orchestration would help Australian merchants create better experiences for their customers and potentially reduce costs”.

About the author

Fergus is a journalist for Momentum Media's nestegg and Smart Property Investment. He likes to write about money, markets, how innovation is changing the financial landscape and how younger consumers can achieve their goals in unpredictable times.

About the author

Fergus is a journalist for Momentum Media's nestegg and Smart Property Investment. He likes to write about money, markets, how innovation is changing the financial landscape and how younger consumers can achieve their goals in unpredictable times.

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