Prior to that, the payments company teamed up with distributed ledger firm Hedera Hashgraph to develop a micropayments proof-of-concept in hopes it could be used as an alternative payment to monthly subscriptions or paywalls.
Known as connectID, the service acts as a broker between identity service providers and merchants or government agencies that require identity verification, such as proof of age, address details, or bank account information.
Also, just last week, Eftpos launched its public API program, and announced through the program a partnership with local fintech Verrency, a loyalty program that gives Verrency cardholders access to rewards and discounts when making Eftpos transactions.
Benton said with the acquisition of Beem It now completed, the company will look to create additional payments solutions for consumers, merchants, and banks.
Beem It was launched back in October 2018 jointly by the three big banks, and enables users to send and receive money regardless of who they bank with through an interface reminiscent of a social media app.
"Under its new owner, Beem It will be able to take full advantage of the infrastructure, cost benefits, and partnerships offered by Eftpos, which will help it grow faster and expand the innovative services it currently provides," a spokesperson for the big banks said. "We believe this transaction will secure Beem It's future as a leading digital wallet provider and we wish the company and its team the very best for the future,"