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What the launch of eftpos QR Codes means for retail
Payment system, eftpos is rolling out what they describe as a game-changer for retailers and consumers, with a new QR-code payment platform that speeds up the transaction process.
Launched in October, the initiative has been in the works since long before QR codes entered the mainstream.
However, eftpos notes its use as a payment system had been accelerated by the widespread understanding and use of QR codes in the wake of Covid-19.
So, what exactly are eftpos QR codes and how are they set to benefit retailers and their customer?
eftpos QR
Known as eQR, eftpos’ new technology harnesses the growing trend of digital wallets.
The system sees customers scan a QR code with their mobile phone to make a payment.
This QR code can be generated at the eftpos terminal, on screen at the checkout, online or it can be incorporated into hard copy and digital invoices.
Scanning the QR code then launches a digital wallet app on the customer’s smart phone. The app is connected to their debit or credit account and allows them to make an instant payment.
Already two of Australia’s big four banks, NAB and the Commonwealth Bank, have come on board to roll out the system, as have major retailers Woolworths and Coles, along with FinTech providers Azupay, Beem It, and Merchant Warrior.
The service is currently available in numerous retail stores, with more expected to come on board in 2022.
The benefits
eftpos explains eQR “aims to provide Australian consumers and merchants with better, simpler, data-rich payments experiences no matter where consumers choose to shop – online, mobile or at the checkout…”
They also envisage it will soon become the QR equivalent of eftpos Tap & Pay on 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.
Benefits for customers
For customers, the technology allows them to store all their payment information in one simple digital wallet.
When using an app with eQR functionality, they can tap into different payment options like debit, credit, Buy Now Pay Later, or gift cards.
In the process, the information about the transaction can be instantly stored, including a receipt of payment and any warranty information about the product.
Benefits for retailers
For retailers, the technology promises to “unlock a world of possibilities beyond just payments”.
“eftpos QR transforms how you engage with your customers and helps you to grow and to deliver greater value to your business,” eftpos states.
Listing the major benefits of the eQR system, they note the following:
- Increased data – The system provides retailers increased access to data, allowing them to know customers better, connect with them across more touchpoints, upsell in real time, and offer promotions, or improve customer loyalty initiatives.
- Omni-channel experience – eQR allows retailers to implement a single payment system in-store, in-app or online.
- Customer convenience – The new technology offers customers additional convenience with its functionality allowing for digital receipts, digital warranties, simple loyalty point redemptions, and gift cards purchase or Buy Now Pay Later, all in one place.
As one of the first retailers to roll out the technology, Woolworths noted it was adopting QR to help offer its customers a simple way to combine payments and rewards in one transaction
“We know speed and ease through the checkout are increasingly important to our customers amid their busy lives. Now is the perfect time to introduce QR and we look forward to building the next generation of seamless payment experiences with eftpos in the months ahead,” Woolworths Group’s Wpay Managing Director Paul Monnington said.
An upgrade to how Australians pay
Speaking with IT Wire TV, eftpos Chief Product Officer, Matt Barr said the technology was designed to offer greater flexibility and improve the payment experience.
“We think of this as a real upgrade of how Australians pay,” he said.
“There’s not a problem in payments per se, but a problem in payment experiences.”
While the system is initially being rolled out through the Beem It digital wallet, which eftpos acquired in November 2020, it is envisaged in the future major retailers may wish to develop their own apps which incorporate the eQR feature.
The technology is also set to be deployed far beyond retail as a convenient payment option for contractor invoices, public transport, and bills.
For more information about trends emerging in retail, see here.
