eftpos launches new real-time P2P payments capability

eftpos has launched a new deposit and withdrawal messaging capability on its payments platform to facilitate peer-to-peer (P2P) transactions in real-time.

The capability, which boosts the Australian-made electronic payment provider’s competiveness against other schemes, went live on Friday.

It will initially be limited to the instant payment service Beem It, which the eftpos bought from three of the big four banks for an undisclosed amount late last year.

The company said the capability allows Beem It users to initiate a payment from their account and deposit it into another in seconds using eftpos. 

But eftpos also hopes the capability will eventually be used for a range of peer-to-peer or business-to-consumer use cases such as insurance payouts, government disbursements or instant payroll.

eftpos CEO Stephen Benton said the capability could result in significant productivity boost for many businesses by “automating the manual and cost inefficient transfer of funds” using eftpos’ network.

“Many Australian businesses have the potential to benefit from these alternative low cost and real-time payments which enable the secure deposit or deduction of funds from a cardholders account,” he said.

Benton added that future use cases could include peer-to-peer transfers, third-party payment initiated withdrawals, insurance payouts, payroll disbursement, rebates and gift care loading.

eftpos is also planning to pilot a new QR code payments network by mid-2020, with the full rollout expected to be completed in 2022.

Last year, eftpos, BPAY and NPP Australia agreed to merge as a single entity in a bid to reduce costs and better compete with the growing number of overseas payment platforms, which will soon be considered by the Australian Competition and Consumer Commission.