Monday, April 22, 2024

eftpos reveals Australian-first digital product strategy

eftpos Australia is releasing an updated digital product and technology strategy for rollout over the next two years.

It aims to change the daily lives of Australians for the better and provides greater clarity to members, Australian Fintechs and retailers about opportunities for innovation and collaboration.

CEO of eftpos, Stephen Benton says that the strategy aims to create greater value, ease and security for consumers and businesses by enabling innovations.

The digital strategy has five key elements:

  1. Mobile Wallets
  2. eCommerce
  3. Digital Identity
  4. APIs and Fintech access
  5. National QR code payments rollout

“The eftpos digital product strategy has been devised with an Australian focus, creating world-class innovations to compete against global players,” says Mr Benton.

“The strategy we embarked on two years ago aimed to transition eftpos from a card present retail business to a major player in the centre of Australian e-commerce that leverages our world-class technology investments.”

Mr Benton elaborates on the growth of debit card transactions in Australia.

He says that debit cards are where competition is thriving in Australia today, and are by far the most popular payment choice for Aussies.

Many of the digital initiatives leverage eftpos’ centralised payments infrastructure, the eftpos Hub, that was built in late 2014 and their Token Service Provider that went live in 2016.

The Hub infrastructure has been running at zero downtime since launch and enables local Fintechs and financial institutions to access, innovate and compete on top of the eftpos payment rails.

For more on eftpos’ new strategies, head to their website

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