eftpos today announced the first offering to be launched under the new eftpos public API program, in partnership with Australian fintech Verrency, going live with a card-linked offers loyalty solution that provides meaningful value for millions of eftpos enabled cardholders.
The Verrency solution enables loyalty program providers to give cardholders rewards and discounts for making eftpos transactions on around 51 million Australian eftpos-enabled proprietary, multi-network debit and multi-network credit cards at participating merchants.
Loyalty Now is the first loyalty program provider to take up the eftpos and Verrency offering for their loyalty members, with more loyalty programs set to join in the coming weeks and months. With Loyalty Now, eftpos cardholders will have access to over three thousand attractive merchant offers with many more valuable offers to be added.
eftpos CEO Stephen Benton said the eftpos public API program represents a great opportunity for Australian fintechs to innovate on the eftpos network, with access to hundreds of thousands of merchants across the country.
“It’s wonderful to see Verrency leading the way by using eftpos APIs to offer great solutions to millions of Australian eftpos cardholders,’ Mr Benton said.
“We are currently working with about a dozen Australian fintechs to bring innovative solutions to the market quickly, using our public API program over the coming months.
“eftpos APIs differ from others in the market as they enable direct connection into the eftpos network and access to multiple banks and merchants.”
Verrency Chief Commercial Officer Jeroen van Son said: “As an Australian fintech success story, Verrency is proud to support eftpos as Australia’s own payments network, to enable payments innovation at speed and at scale for the benefit of Australian eftpos cardholders”.
eftpos is Australia’s debit card system, accounting more than 2 billion CHQ and SAV transactions in 2019 worth around $130 billion.