Banks support eQR code as new tap-and-pay option.

 

Payments provider Eftpos has partnered with two major banks and other financial groups to launch a new QR code payments platform called eQR.

 

The Commonwealth Bank of Australia and National Australia Bank have joined Coles, Woolworths, Azupay, Beem It, and Merchant Warrior to begin rolling out a new consumer payment option before Christmas.

 

eQR has been described as a system that will become the "QR equivalent" of Eftpos’ tap-and-pay feature on its debit cards. 

 

"The eQR platform aims to provide better experiences for consumers and merchants through added security, loyalty, offers and digital receipts, no matter where they choose to shop -- online, on their mobile or at the checkout," Eftpos CEO Stephen Benton said.

 

Eftpos is hoping consumer familiarity with QR codes through COVID safe practices the past year will help with uptake.

 

"COVID has changed customer behaviour and Australians are now ready for the enhanced payment experience offered by eQR," Benton said.

 

Besides payments, the platform would also be built out to include other experiences, including loyalty, redemption, splitting payments, and storing digital warranties, and digital receipts.