A digital payments technology on trial by eftpos would bring the payment provider into the online and mobile spaces for the first time.
Coles, Commonwealth Bank and Bendigo and Adelaide Bank are also involved in the trial, eftpos said today. The trial includes “up to 50 merchants” and a “limited number of consumers across Australia,” eftpos CEO Bruce Mansfield said in a statement.
The trial has several phases and is expected to continue in early 2014, eftpos said. Once validated in trials, eftpos plans to deploy the technology for industry participants connecting to the new eftpos Hub that was announced in October.
Using eftpos digital payments, no card details are exchanged between consumer and merchant. In fact, a card is not necessarily required at all since the service can work with wireless, near field communications (NFC), Bluetooth and QR codes, said eftpos.
“The trial ‘eftpos digital payments’ solution is designed to be a secure, real-time and low-cost solution for the industry because it leverages existing payments infrastructure and other assets such as merchant terminals,” Mansfield said.
“It enables eftpos and its Members to keep pace with the rapidly changing technology landscape, while preserving existing relationships with customers.”
Mansfield said earlier this year that eftpos realises it must innovate or risk a significant reduction in the number of payments over its platform.
“Doing nothing is not an option,” he said at the CeBIT Future of Payments conference.
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