Australians have become all too familiar with QR codes over the past 12 months thanks to COVID-19 and it seems they’re not going away anytime soon. Today, EFTPOS announced a national QR code payment network set to roll out in Australia by 2022.
This QR code payment network is intended to be a seamless low-cost national payment system. Consumers will be able to access it online, on mobile or at the checkout.
How will the QR code payment system work?
The idea is that a user can integrate their card details into a digital wallet. Customers can then scan a merchant’s unique QR code that will capture the transaction details from the wallet on their device and initiate a secure digital payment.
This new QR code system will also link loyalty programs to a transaction if a user has an account. The QR code can also integrate discount or voucher offers and offer a digital receipt for the transaction.
“Digital transactions enabled through the national QR code payments network aim to elevate and enrich the consumer payment experience while driving growth for local businesses,” EFTPOS CEO, Stephen Benton, said.
“Initiating secure purchase transactions using a consumers’ preferred digital wallet unlocks a wealth of extra benefits that will transform the way Australians choose to pay.”
When will this payment system be available?
EFTPOS plans to have a trial of the QR code payments network by mid-year. A national rollout is expected to be completed by 2022.
This system has come at a time when Australians are frequently exposed to QR codes for COVID-19 check-ins. A rise in online shopping thanks to the pandemic also bolstered the idea for the rollout.
“The QR code payments network will enable local home-grown innovation by connecting numerous APIs, consumer digital wallets, and supporting technologies on top of the existing EFTPOS network rails, providing choice and potential cost savings for local businesses,” Benton said.