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4 Things You Must Know About Payments In Australia

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Here are 4 things you need to know about payments in Australia to keep you up to date.

Eftpos launching QR code payments by Christmas

  • Eftpos revealed this week they have partnered with some of Australia’s biggest banks and retailers to roll out their “eQR” system
  • COVID made Australians extremely familiar with QR codes so this as a win for making digital payments accessible to more people
  • It will be interesting to see how this is rolled out to smaller businesses. I also wonder what the merchant fees will be. I saw one comment on LinkedIn that the fees will be lower – TBC.
  • eQR goes beyond payment acceptance. It allows merchants to integrate loyalty programs and the latest offers all in one interaction with the customer (in person or online)
  • I personally find QR codes a hassle but appreciate the benefits and am excited to try this!

We expect eQR will quickly become the QR equivalent of eftpos Tapy & Pay on debit cards.

Stephen Benton, eftpos Chief Executive

Visa’s AI system preventing fraud in real time

  • Fraudsters are becoming increasingly sophisticated as more consumers head online
  • Visa’s Artificial Intelligence (AI) makes real time risk assessments of every single transaction to detect and prevent fraud from happening
  • It can spot patterns in the data we wouldn’t see such as an automated attempt to guess account details
  • Visa said that their AI had prevented over $350M in fraud (Source: Visa, 12 months ending Apr 30 ’21)
  • This is a good reminder of the power of AI and machine learning and their applications in the payment world

Buy your next home with Bitcoin!

  • Unsure what to do with your stash of Bitcoin? You could bid on this luxurious Gold Coast property with it!
  • Lloyd’s Auctions will be accepting Bitcoin at some real estate auctions this month
  • They are using Bitcoin as an acquisition strategy to attract people to their online property auctions
  • The site offers “GAZUMP-FREE AUCTIONS” – you better get in while the Bitcoin is strong!

The use of cryptocurrency as a payment method is becoming more commonly used for purchases as confidence surrounding cryptocurrency gets stronger.

Lee Hames, Lloyds Chief Operating Officer

#buynowpaylater

Ok, here is my best summary of what’s been happening:

  • Remember the Zip campaign in Australia? They’ve now launched a US first holiday season campaign. Check out the video here. Just as fun as the AU version!
  • According to a recent survey almost 2 in 3 Australian responders had used BNPL. This is compared to almost 1 in 2 in the US (Source: Marqeta 2021 State of Credit Report)

As the fastest-growing buy now, pay later company in the U.S., Zip’s brand campaign is as bold and ambitious as our mission to be the first payment choice for consumers everywhere, everyday.

Jinal Shah, CMO Zip US
  • Visa has launched their instalment solution which offers terms of 3 to 24 months. It will be rolled out first to ANZ Bank customers.
  • Also entering the instalment market is Mastercard. Their solution offers pre-approved and instantly approved instalments. Qantas and Latitude Financial will be the first to take it up
  • It’s worth noting that American Express launched their instalment capability in 2020 (I know because I helped build it!). This was a big move given the merchant acceptance of Amex.
  • These days, I think this is probably less of a differentiator now that the BNPL fintechs have expanded so rapidly. It will be interesting to see who else takes up the Visa and Mastercard offerings

I'd love to hear what you think!