eftpos announces new QR payment platform

eftpos, which processed over two billion transactions in 2020, has announced the release of new QR payment platform, eQR.

The company partnered with CBA, NAB, Coles, Woolworths, Azupay, Beem It and Merchant warrior to support the rollout, available to consumers before Christmas.

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FinTech partners Merchant Warrior, Azupay and Beem say it will assist in driving innovation and introducing Australian merchants to eQR as well as developing a pipeline of value-added features, a spokesperson said.

eftpos CEO Stephen Benton believes that the familiarity that Australians developed with QR technology through premises check-ins throughout the pandemic bolsters the products viability.

“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,” said Benton.

“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.”

It also aims to provide users with a data-rich and digital-friendly payment method, taking advantage of the use of QR technology developed and adopted during the pandemic.

Commonwealth Bank, General Manager, Merchant Solutions, Karen Last said: “We’ve seen our business customers become increasingly familiar using QR codes and we’re working with eftpos to support the roll-out of eQR. We’re looking forward to working together to bring this capability to our merchants in the future.”

The first stage of the eQR build was completed in July 2021, and the company says it is now trialling the product with Australian merchants.

Woolworths Group's Wpay Managing Director Paul Monnington said, “We know speed and ease through the checkout are increasingly important to our customers amid their busy lives. 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."