eftpos has asked its subsidiary Beem It to build a national QR code-based payment service ready for release by July.
Work is expected to start immediately on the new capability, which will allow consumers to scan a QR code at the point-of-sale and pay with their choice of digital wallet.
Merchants will be issued a unique QR code to display to customers. They will also be able to connect consumers to various offers such as loyalty, offers and receipts.
The national rollout of the payment method is expected to be completed in 2022 and will be driven by eftpos.
eftpos purchased the instant payment app Beem It in November 2020 from three of the major banks to boost its expertise in digital payments.
“Beem It was chosen for a range of reasons including its previous experience with QR codes in the Australian market, the strength of its team and its familiarity with the eftpos network,” a spokesperson said.
The spokesperson added that a trial of the technology would be run with “at least several merchants”.
eftpos CEO Stephen Benton said “it was great” eftpos already had the “expertise to build the new QR payments utility inside the Beem It team”.
“This is an important build because eftpos QR will provide Australian consumers and merchants with better data-rich payments experiences no matter where they choose to shop – online, on their mobile or at the checkout,” Benton said.
“The time is right because Australians are now very familiar with using QR codes for activities like Covid-19 check ins, and they are increasingly turning to new ways of shopping in the digital environment.”
Beem It acting CEO Ciaran Forde said the solution will help retailers create better consumer experiences while reducing their costs.
“The opportunity to build out a piece of infrastructure that has the ability to fundamentally change how payments are made in Australia is an exciting one.” Forde said.