Spearheading innovation & collaboration across members, Fintechs and retailers
eftpos today announced an updated digital product and technology strategy for rollout over the next two years, which aims to change the daily lives of Australians for the better. The strategy also provides greater clarity to members, Australian Fintechs and retailers about opportunities for innovation and collaboration.
eftpos CEO Stephen Benton said the strategy aims to create greater value, ease and security for consumers and businesses by enabling compelling innovations for members, Fintechs and retailers that enhance the digital commerce experience.
Mr Benton said much of the work was already well underway and the business was deeply engaged with members and industry participants to finalise detailed rollout schedules over the next two years.
The digital strategy has five key elements:
· Mobile Wallets
· Digital identity
· APIs and Fintech access
· 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. 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 eCommerce that leverages our world-class technology investments,” Mr Benton said. “It has been a journey not without challenges, but it has come together better than we could ever have hoped, with a keystone being the recent acquisition of Beem It.
“In many ways, eftpos was Australia’s first Fintech and our digital strategy builds on that history to deliver on eftpos’ purpose – to do good for Australia. We aim to do this by engaging with members, Fintechs and retailers to make everyday payments easy, secure, smart and cost efficient.”
Mr Benton said the growth of debit card transactions in Australia made eftpos’ digital strategy even more important for competition and innovation.
Debit cards is where competition is thriving in Australia today. Debit cards are by far the most popular payment choice for Australians as they move from cash and credit during this challenging time. Of the almost one billion electronic transactions per month in Australia, around 70% are now on debit and that number is growing every month.
Many of the digital initiatives leverage eftpos’ centralised payments infrastructure, the eftpos Hub, that was built in late 2014 and our Token Service Provider that went live in 2016. Together, these assets provide locally-based, world-class, secure and accessible real time payments infrastructure. The resilient 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.
The rapid pace of our transformation agenda means new initiatives are being introduced swiftly to encourage competition and innovation during the nation’s economic recovery, and at a low cost due to its accessible design and our use of global standards that facilitate choice.
eftpos is Australia’s debit card system, accounting more than 2 billion CHQ and SAV transactions in 2019 worth around $130 billion.