How you could be paying for your Christmas goodies

QR codes have been your friend for months now – tracking where you’ve been and whether you’ve come into contact with COVID, so long as you’ve been diligent about using them to check in to venues.

Now, QR codes are set to become a common way to pay, to ‘enhance the payment experience’ as eftpos CEO Stephen Benton describes it.

And it’s happening before Christmas, so there will be plenty of ‘payment experiences’ to be enhanced.

Here’s what you need to know about this new payment method.

The payments platform, called eQR, has been developed by eftpos and allows customers to pay by photographing a QR code – just like checking into a venue. A smartphone is, of course, essential.

READ: The ‘seismic shift’ in our shopping behaviour

The payment method is being supported by some heavyweight retailers and institutions, including supermarket giants Coles and Woolworths, plus the Commonwealth and National Australia Banks.

What’s the upside?

Retailers say they will be able to integrate rewards schemes with the payment, so there’s no need to separately scan your Flybuys or other rewards cards when paying. That’s one less step in the shopping process.

Retailers are happy because they’ll be able to streamline their marketing offers to customers and banks are happy because it will bring payments into their banking apps, driving customer usage and engagement.

READ: Retailers warn against last-minute Christmas shopping

Mr Benton said: “eQR aims to provide Australian consumers and merchants with better, simpler, data-rich payment experiences no matter where consumers choose to shop –  online, mobile or at the checkout – and will begin to roll out as a new consumer payment option before Christmas.”

He said he expected eQR, which is being trialled through several merchants, would become the equivalent of eftpos Tap&Pay on debit cards. 

He said the platform aimed to provide “better experiences for consumers and merchants through added security, loyalty, offers and digital receipts”.

The banks and supermarkets have lined up to offer praise for the concept.

NAB executive merchant services Mark Raymer said he believed customers would love the payment option because they are “increasingly choosing faster and digital ways to buy, sell and make payments”.

READ: Woolworths set to transform Australian shopping

Coles general manager of financial services Paul Askew said the chain was looking forward to “improve the customer experience” by linking to other functions such as loyalty.

Woolworths Group’s Wpay managing director Paul Monnington said: “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.”

The Australian Financial Review reports that the new platform comes one month after the Australian Competition and Consumer Commission (ACCC) approved the merger of eftpos, the NPP and BPay. “The banks argued the merger was necessary to help them more effectively coordinate investment and develop better payments products and services to compete with Apple, Google, Mastercard and Visa,” the report said.

Do you believe the new payment platform with enhance your shopping experience? Will it be more convenient? Do you always remember to scan your loyalty card when making a purchase? Why not share your thoughts in the comments section below?

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Written by Janelle Ward

Energetic and skilled editor and writer with expert knowledge of retirement, retirement income, superannuation and retirement planning.

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