Eftpos has partnered with Commonwealth Bank of Australia, National Australia Bank, Coles, Woolworths, Azupay, Beem It, and Merchant Warrior to launch its new QR code payments platform it's calling eQR.
To begin rolling out as a new consumer payment option before Christmas, eQR has been described by Eftpos CEO Stephen Benton as a system that will become the "QR equivalent" of the company's 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," he 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, Benton has previously said the platform would also be built out to include other experiences, including loyalty, redemption, splitting payments, and storing digital warranties, and digital receipts.
Coles has already signalled plans that it will integrate eQR to its other functions.
"Coles is looking forward to working with Eftpos to improve the customer experience when using eQR to make a payment in our stores and linking this to other functions such as loyalty," Coles financial services general manager Paul Askew said.
Watchdog chair does not consider the merger of Eftpos, BPay, and NPPA to be something that will substantially lessen competition in any payments market and has accepted a court-enforceable undertaking put forward by the parties.