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Fintech & Ecommerce

Australian payment system tests digital ID solution

Apr 30, 2020

Eftpos is a national payments network providing real-time payments across Australia

Australian payment system

Australian payment system tests digital ID solution. Source: pixabay.com

Eftpos is testing a digital ID solution to access government services, after the proof of concept completion with 17 Australian businesses.

In a submission to the Select Committee on Financial Technology and Regulatory Technology, the company highlighted it’s going to provide a smoother, faster, and more secure onboarding experience.

Along with that, Eftpos will offer new privacy-protecting ways to distribute government funds.

What is more, it’s planning to provide fintech firms with low-cost access range of new marketplaces that currently have high barriers to entryю

It makes sense for Eftpos to provide this service because we are Australian-based and our transactions are processed here. In addition, Eftpos is not owned by or beholden to any other commercial provider so it can operate as a neutral provider of Digital Identity solutions, maximizing their take up and use across the broader economy
Eftpos

According to the statement, Efpos will also protect Australians from identity theft, lower the level of fraud, and keep the personal data onshore.

We’ve reported that UnionPay?rolled out?the Content & Service Platform (UCSP), establishing a “Pay+” digital ecosystem in collaboration with global firms.

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Our editorial team delivers daily news and insights on the global payment industry, covering fintech innovations, worldwide payment methods, and modern payment options.