eftpos has released its Product Roadmap 2021 Update, designed to drive payments competition and improve consumer experiences.
The Product Roadmap provides greater clarity to members, fin techs and retailers on timings for a suite of initiatives and enhancements including in-app payments, enhanced fraud protection, a digital identity network, mobile wallets, QR codes, APIs and eftpos online payments.
The Product Roadmap aims to enhance consumer convenience and lifestyle choices, while helping local businesses grow at a low cost, according to eftpos CEO, Stephen Benton.
“The Product Roadmap updates our schedule for key technology rollouts by eftpos, its members and technology partners over the next two years which aim to create greater value, ease and security for Australian consumers and businesses transacting in the digital economy,” Benton said.
“This represents a platform for persistent innovation and transformation for eftpos as we move to underpin Australia’s digital economy in the same way we have done for Australia’s point-of-sale retailers for more than 35 years.
“It helps eftpos, as an Australian-based payments company bring real competition to big international payments players in the Australian digital economy, with home-grown innovation, choice and potential cost savings for local businesses.”
The eftpos Product Roadmap 2021 Update follows the release of the company’s digital and technology strategy in December 2020, and has five key elements: mobile wallets, ecommerce, digital identity, APIs and fintech access, and QR acceptance and experiences platform.
eftpos chief product officer, Matt Barr said one of the many product initiatives was in-app mobile payments, supporting the growing use of mobile payments. By early 2022, Australians should be able to use tokenised eftpos payments within mobile apps via their preferred mobile wallet on their smart device.
“This is just one example of the Product Roadmap giving merchants more opportunities to potentially lower their costs and consumers more convenience and choice, when using mobile payments in store or within a mobile app,” Barr said.