Eftpos has announced its new subsidiary Beem It will start building its national QR code utility that it hopes will be launched by the end of July.
Beem It was acquired by Eftpos from the Commonwealth Bank of Australia, the National Australia Bank, and Westpac in November.
At the time, Eftpos said the decision to purchase Beem It for an undisclosed amount was part of its plan to "continue to make inroads in the digital space".
Despite owning Beem It, Eftpos CEO Stephen Benton said that following a global tender process, it selected Beem It to build the QR code utility because of its "previous experience with QR codes in the Australian market, the strength of its team, and its familiarity with the Eftpos network".
"It was great that we have the right expertise to build the new QR payments utility inside the Beem It team and we can get to work right away," he said.
The plan is for the national QR code utility to be low cost and to facilitate "many value adds" for merchants and consumers such as loyalty, offers, and receipts.
It said in December it foresees QR code payments being used on "almost all mobile devices and offer both consumers and merchants more benefits because of the data-rich format, while also providing lower costs and deeper customer engagement for Eftpos members".
It is expected merchants and consumers will connect to the utility using a unique QR code presented by merchants. This enables consumers to initiate and transact with their preferred digital wallet.
"This innovative multi-interaction connectivity creates a new experience beyond payments, powered by Eftpos emerging APIs," the company said on Thursday.
The national rollout is expected to be completed in 2022.
It is one of five key areas that the company will be focused on for the next two years as part of its digital strategy. Other areas of focus will include expanding its footprint within the mobile wallet space, e-commerce, delivering a digital identity solution, and continuing its API program with fintechs.
Eftpos said by 2022, it plans to deliver an all-in-one digital wallet that will bring together its digital identity solution, loyalty and rewards, electronic receipts, deposits and withdrawal functions, and QR code payment system.
"The Eftpos digital product strategy has been devised with an Australian focus, creating world-class innovations to compete against global players … we aim to do this by engaging with members, fintechs and retailers to make everyday payments easy, secure, smart and cost efficient," Benton said previously.
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