Eftpos Australia’s bid to extend its in-store payments business to online channels has received a boost from two of the country’s major banks, with CBA and NAB deciding to back the rollout of the domestic scheme's QR payments platform.
The new platform – branded as eQR – is expected to become available as a new consumer payment option over the next eight weeks.
The service opens new pathways for Eftpos to compete against the global card schemes in the processing of debit transactions whether they are initiated online, through a mobile device or at a checkout counter.
The eQR service could deliver scale volume gains for Eftpos soon after it is launched because it has also won backing from Australia’s two largest retailers, Coles and Woolworths.
Eftpos is also partnering with a string of merchant-focused fintechs such as Merchant Warrior and Azupay to help onboard small retailers to the eQR platform.
“We expect eQR will quickly become the QR equivalent of eftpos Tap& Pay on debit cards,” Eftpos CEO, Steve Benton.
“COVID has changed customer behaviour and Australians are now ready for the enhanced payment experience offered by eQR.”
The CBA partnership is a critical one for Eftpos because it is the bank with the largest merchant network across the country.
“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,” said CBA’s head of merchant solutions, Karen Last.
Raky Pathak, Merchant Warrior’s founder and CEO highlighted the wider functionality of the eQR platform that he said went beyond instant processing of debit card transactions.
“eQR is an excellent addition as besides payments, it also enables intuitive digital features like split payments and loyalty redemptions,” he said.