Eftpos launches advisory committee to give FinTech a voice


eftpos has launched a FinTech advisory committee in collaboration with FinTech Australia, as a way of giving FinTechs a direct say in how they can access and leverage the eftpos payments network for the betterment of Australia’s digital economy.

Seven leading FinTech companies have joined the committee which will involve a series of workshops to be held every month starting in February, focusing on the eftpos digital roadmap and API programs.

As a result, representatives from the following businesses will now join eftpos to explore ways to streamline access to its network, with recommendations to be submitted to the company by mid-year:

· Assembly Payments

· Azupay

· Bleuco

· Meeco

· Monoova

· Paypa Plane

· Verrency

eftpos CEO Stephen Benton said the idea for the committee arose from ongoing discussions with the team at FinTech Australia, at a time when the company was rapidly expanding in the digital space.

“The aim of the committee is to advise eftpos on ways we can build on our efforts to make it easier for FinTechs to access the eftpos network and our products and services, in order to build their own businesses and payment experiences that can work across a broad range of connected devices in the digital economy,” Mr Benton said.

“We are delighted with the response we got, and would like to thank every new committee member for agreeing to collaborate with us on this important initiative.

“FinTechs are a dynamic and growing sector of our economy, and of crucial importance in the payments space. There are significant opportunities for FinTechs on the eftpos network, which includes access to 51 million Australian eftpos-enabled proprietary, multi-network debit and multi-network credit cards, as well as hundreds and thousands of merchants.,” Mr Benton added.

FinTechs will also be able to leverage eftpos’ digital product and technology strategy, which is being rolled out over the next two years. Much of the work is well under way, focusing around the five key elements of: mobile wallets; eCommerce; Digital ID; APIs and FinTech access; and national QR code payments rollout.

Chair of FinTech Australia and CEO/Co-Founder of Paypa Plane Simone Joyce said the eftpos FinTech advisory committee brings to together some of the most innovative thinkers involved in FinTech in Australia.

“I am looking forward to working with the committee on solutions that leverage the critical infrastructure of the eftpos network to drive positive outcomes for merchants and consumers,” Ms Joyce said.

About eftpos

eftpos is Australia’s debit card system, processing over 2 billion debit card transactions in 2020 worth an average of more than $300 million each day.

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