Helping protect Australians through investment, innovation and advocacy in payments - eftpos

eftpos was born right here in Australia. As an Australian I take a lot of pride in making decisions that re-invest our revenues into innovative solutions that aim to make a positive impact on the nation’s Digital Economy.

As a homegrown Aussie FinTech, we’re committed to doing the right thing by Australian consumers and business operators by delivering compelling, competitive and cost effective solutions that are designed to improve their daily lives.

The team at eftpos is always looking for ways to help out Australian consumers and businesses, and sets out everyday with the intent of fulfilling our purpose – doing good for Australia.

This is particularly important right now because millions of Australians are continuing to face enormous challenges including various restrictions, loss of jobs and closed businesses brought on by the COVID pandemic. It is taking its toll of us all in various ways. Impacting our livelihoods, our loved ones, our health and our mental health.

As we tackle these uncertain times, eftpos is equally focused on the short- and long-term outcomes that aim to support local businesses and our cardholders.

We are increasingly investing in the Digital Economy because that’s where Australians have turned to during these difficult times.

We are investing in and developing innovations aiming to enhance consumer purchasing experiences including our eftpos QR payment infrastructure, driving competition and lowering eCommerce debit card payments costs.

And we are working with Australian FinTechs to develop home grown Aussie solutions and advocating for policy changes that benefit Australian consumers and businesses.

To that end eftpos has invested in and just finished building the first stage of eftpos’ new QR code payments experience infrastructure, designed to provide secure and enhanced consumer purchasing and engagement experiences through loyalty, offers, receipts and added security. 

Testing of the new QR code infrastructure is underway and end to end testing will be completed when the first merchant is live in August. 

eftpos can start to bring exciting new commercial applications to market sooner and aims to provide Australians with better, consistent, data-rich, digital payments experiences no matter where they choose to shop – online, on their mobile or at the checkout.

On the advocacy front an important industry challenge we are addressing right now with long term implications is the RBA’s Retail Payments Review, which is likely to conclude in August or September.

There are key issues being considered including LCR and Multi Network Debit Cards (MNDC). 

MNDCs are the foundation stone of competition in the debit card market and are central to the ongoing rollout of LCR which provides businesses access to the least cost network and drives productivity in the economy. 

It’s our view that MNDCs should be mandatory as part of every bank’s social obligation to competition in Australia – and that LCR should also be the default option for all merchants in all payment channels, including tap and go, mobile wallets, and online transactions.

Any move to single network will also see consumers losing access to services such as cash out at most merchants, real time Medicare refunds and Beem It.

Recently I had the opportunity, along with our new Beem It Chief Executive Officer, Mark Britt, to appear before the Parliamentary Joint Committee Inquiry into Mobile Payment and Digital Wallet Financial Services 

During the Committee hearing we outlined our concerns about the inability of merchants to apply LCR to mobile transactions and the potential negative impact on their costs.

Despite 1 in 2 of contactless in-store payments projected to be made using a digital wallet by the end of 2021 and debit cards representing nearly 9 billion or almost 70% of total electronic transactions annually, mobile payments technology in Australia has not been updated for LCR and higher fees are often applied to these transactions.

Emphasising how MNDC’s are a core platform for payments competition and innovation in this country – including for mobile developers - and should be supported by the RBA and Government. 

Maintaining competition and technology sovereignty in our payments system is good for Australia. If these outcomes cannot be achieved through the RBA’s Retail Payments Review it ought to be a policy matter for the Government at such a critical time as local businesses struggle with COVID.

At eftpos we remain steadfast in our commitment to providing efficient, cost-effective and market-specific payments solutions for the benefit of all Australians and enhance productivity across the economy.

As the only Australian-owned separately designated payments system, eftpos is actively collaborating with its Members, policy makers and regulators, business stakeholders and merchant groups, along with local businesses for the best outcomes for all Australians.