eftpos has acquired Beem It, the Australian payments App that enables consumers to send and receive money using their phone in seconds, regardless of who they bank with.

The deal was a logical move for eftpos as a trusted Australian payments brand that has access to hundreds of thousands of Australian merchants, millions of consumers and is quickly moving into digital payments.

Australians are rapidly moving much of their daily lives to mobile and Beem It is a great Australian-owned and operated option for them to embrace digital payments.

eftpos was excited to complete this purchase as a key element to eftpos’ strategy to diversify and move further into the digital ecosystem.

Beem It, along with other eftpos assets such as its digital identity solution connectID, could be utilised to create compelling innovations for consumers, merchants, and banks to enhance digital commerce while leveraging existing industry investments.

This will create significant opportunities for local banks to stay connected with their customers, while unifying the required ecosystem through the eftpos hub. By leveraging the infrastructure, cost benefits and partnerships offered by eftpos, Beem It should be able to grow faster, expand the innovative services and become a leading digital wallet provider.

eftpos the payment system will remain wallet agnostic and be the rails that support a variety of digital wallets

As at the end of August 2020, there had been 1.4 million downloads of the Beem It App, with ratings remaining consistently high, up to 4.9 out of 5.