eftpos Roadmap Update aims to drive competition and improve consumer experiences as digital innovation takes off
eftpos has today released its Product Roadmap 2021 Update, which aims to drive payments competition and improve consumer experiences in Australia’s fast-growing digital economy.
The Product Roadmap updates the delivery dates for a suite of initiatives and enhancements including in-app payments, enhanced fraud protection, a Digital Identity network, mobile wallets, QR Codes, APIs and eftpos online payments, such as enhanced fraud protection for additional use cases. Many of the initiatives have been in train for many years and the Product Roadmap provides greater clarity to Members, FinTechs and retailers on delivery dates that enhance the digital commerce experience.
eftpos CEO Stephen Benton said the Product Roadmap aims to enhance consumer convenience and lifestyle choices and help local businesses grow at a low cost.
Mr Benton said the Product Roadmap was specifically designed to support Australia’s fast growing digital economy while enabling compelling home-grown innovations for eftpos’ members, FinTechs and retailers.
“The Product Roadmap updates our schedule for key technology rollouts by eftpos, its members and technology partners over the next two years which aim to create greater value, ease and security for Australian consumers and businesses transacting in the digital economy,” Mr Benton said.
“This represents a platform for persistent innovation and transformation for eftpos as we move to underpin Australia’s digital economy in the same way we have done for Australia’s point-of-sale retailers for more than 35 years.
“It helps eftpos, as an Australian-based payments company bring real competition to big international payments players in the Australian digital economy, with home-grown innovation, choice and potential cost savings for local businesses,” Mr Benton said.
“And it comes at a time when Australians are increasingly turning to shopping online, and businesses are looking to digital innovation to improve productivity and efficiency as the nation continues to deal with COVID-19 and recovery. That’s good for Australia.”
The eftpos Product Roadmap 2021 Update follows the release of the company’s digital and technology strategy in December 2020. It has five key elements:
• Mobile Wallets
• Digital Identity – connectID
• APIs and Fintech access
• QR Acceptance & Experiences Platform
eftpos Chief Product Officer Matt Barr said one of the many product initiatives was in-app mobile payments, supporting the growing use of mobile payments by Australians.
Mr Barr said that by early 2022, Australians should be able to use tokenised eftpos payments within mobile apps via their preferred mobile wallet on their smart device.
“This is just one example of the Product Roadmap giving merchants more opportunities to potentially lower their costs and consumers more convenience and choice, when using mobile payments in store or within a mobile app,” Mr Barr said.
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.