Payment provider eftpos has announced it will trial a QR code payment network by mid 2021 in a bid that may see more card phased out.
Payment provider eftpos has announced it will trial a QR code payment network by mid-2021 after a resurgence of the technology thanks to COVID-19.
The network, which has been designed to be "low cost" for merchants, would see shoppers scan a QR code generated by a seller to pay for an item.
Each code would have unique details containing the information relating to the transaction, and would link with a customer's digital wallet already enabled on their smartphone.
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A trial will be underway by mid-2021 with a national rollout of the network expected in 2022.
Stephen Benton, CEO of eftpos, said the QR code system would be faster and secure.
"Digital transactions enabled through the national QR code payments network aim to elevate and enrich the consumer payment experience while driving growth for local businesses," Mr Benton said.
"Initiating secure purchase transactions using a consumers' preferred digital wallet unlocks a wealth of extra benefits that will transform the way Australians choose to pay."
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The decision comes at a time when more and more Australians are using QR codes to meet COVID-19 regulations when shopping and dining.
"The QR code payments network will enable local home-grown innovation by connecting numerous APIs, consumer digital wallets, and supporting technologies on top of the existing eftpos network rails, providing choice and potential cost savings for local businesses," Mr Benton said.
Eftpos processed more than two billion debit card transactions in 2020 worth an average of more than $300 million each day.
Source: 9News https://www.9news.com.au/national/eftpos-to-trial-qr-code-payment-system-how-it-will-work/4236acbe-4404-48db-b1c4-4cee39b45820