Our acquisition of Beem It this month is the latest in a series of exciting eftpos announcements and innovations that aim to advance the uptake and use of digital payments in Australia.
Our digital roadmap is vital to the future of eftpos as a competitive force in Australian payments and it strongly supports the Federal Government’s digital innovation agenda as a key part of the nation’s economic recovery.
In September, Prime Minister Scott Morrison and Treasurer Josh Frydenberg announced a digital business plan to drive Australia’s economic post-COVID recovery. The Prime Minister said the plan aimed to expand opportunities for businesses to grow and create more jobs.
The eftpos digital roadmap supports this idea and aims to drive digital innovation quickly and at low cost, leveraging existing industry assets and global standards.
Earlier this month we announced we had acquired Beem It, an Australian payments App that enables consumers to send and receive money using their phone in seconds, regardless of who they bank with.
In many countries, mobiles wallets are the main App for day to day life, particularly throughout Asia and the Nordics. These lifestyle Apps make life easier and add value by bringing consumers and merchants together, seamlessly, and securely.
While this hasn’t happened in Australia yet, Norway’s Vipps mobile App demonstrates how the concept can take off and is a great example of innovation flourishing on top of a domestic card network’s rails.
Owned by the local banks in Norway, VIPs integrates a mobile App, digital identity, and payments. And with 75% of citizens using the service, it showcases the awaiting opportunity for Australia in bringing together merchants, consumers, and banks.
In this context and with many other examples across the globe including China, the Beem It acquisition was a logical move for eftpos as it expands into digital payments. It will create compelling innovations for consumers, merchants, and banks to enhance digital commerce while leveraging existing industry investments.
Importantly, Beem It could also provide opportunities to add significant value for Australian merchants who integrate into the solution. It could help to grow their customer base and basket size, while also delivering enhancements such as loyalty programs and receipts.
The reality we face is that if we don’t innovative and deliver a locally developed mobile wallet solution, it becomes increasingly likely that international companies will step in to fill the void.
However, the Beem It acquisition is only one area where eftpos is making headway in the digital payment space including:
- eCommerce – A few months ago we shared news that eftpos had switched on digital payments for card-on-file transactions, offering more choice and potential savings for Australian businesses during COVID-19 and recovery.
- connectID – We are piloting eftpos’ connectID digital identity solution with a variety of partners, including the Queensland Governments and Australia Post. connectID is a digital identity broker, enabling organisations to verify identities with each other in accordance with the Digital Transformation Agency’s Trusted Digital Identity Framework (TDIF) and banking industry’s TrustID framework.
- APIs and Fintech – We have a strong development pipeline of API solutions designed to deliver enhanced customer digital payment experiences. eftpos is proud to partner with an expanding list of Fintech partners, providing them with the opportunity to leverage the eftpos network and build payments capability into their solutions.
- New fraud tools – We are building our new fraud tools to be risk based and flexible, maturing with the evolving Australian payments landscape. Our digital roadmap and planned market leading fraud management capability will enable the safe expansion of eftpos online, as we build out our digital transaction presence.
Together, these initiatives deliver on our goal of transforming eftpos into an innovative, productivity-enhancing competitor in the digital payments environment over the next two years.
The eftpos digital roadmap leverages industry investments in our locally-based, world-class, secure, and accessible payments infrastructure. The resilient Hub infrastructure has been running at zero downtime since launch in 2014 and enables local Fintechs and financial institutions to access, innovate and compete on top of the eftpos payment rails.
Due to the nature and design of the new eftpos platform and the pace of our transformation agenda, new initiatives are being introduced quickly to encourage competition and innovation during the nation’s economic recovery, and at a low cost due to its accessible design and use of global standards.
In short, together with our members, eftpos is funding digital innovations and designing solutions for the benefit of Australians. With everything we do we strive to fulfil our purpose – to do good for Australia.