Coles, Woolies and banks CBA and NAB are backing a new QR payments system from Eftpos called eQR.
Background: Payments platform Eftpos has been developing a QR payments system called eQR since July this year. It's meant to work like the 'tap and go' feature on cards, but it's with a QR code.
What happened: After a couple commercial trials, eQR codes are ready to rumble. And they could start appearing at your local Coles or Woolies as early as Christmas.
What else: Big banks CBA and NAB are also getting behind the eQR codes because they can offer it to merchant customers (think: retailers, hairdressers, tyre shops). Payment terminals could show a QR code to pay.
💡While QR codes have been in many Asian countries for years, the western world has been playing catch up. In fact, they were created in Japan in 1994 (pre-iPhones).
💡Since COVID, the western world has woken up to its value. We’ve seen QR codes in supermarkets to check in, on restaurant menus and even on gravestones?!
💡And this is exciting for retailers because it means they can bundle their whole experience into one process (payment, receipt and loyalty points). For banks, QR code payments could become an alternative to the costly Apple Pay.
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