![]() ![]() ![]() Hence before becoming a Hedera Governance member, eftpos ran Proofs of Concept (PoCs). Key drivers behind eftpos’ interest in Hedera are micropayments for small online payments or device to device transactions, including stablecoins. In 2019, debit payments accounted for 44% of all consumer payment methods, and in 2020 they accounted for 70% of the monthly electronic payments. Eftpos processed over two billion transactions in 2020 at an average of more than $300 million a day.ĭebit cards have become the most popular payment choice in Australia. The organization operates Australia’s debit card processing system and recently acquired ‘Beem It’, a mobile payments app. Nineteen firms own eftpos, including Australia’s biggest banks Commonwealth Bank of Australia, Westpac, ANZ and National Australia Bank. The news is a massive win for the DLT network, but the token price spiked before the announcement, repeating behavior before Google joined. The company is the 17th entity to join Hedera’s Council, including Google, IBM and LG Electronics as members. While Australia’s rapid, almost-ubiquitous adoption of contactless payments has held back other payment innovations, Beem It seems to have legs and doesn’t require mass adoption to be incredibly useful for at least some users right from the get go.Australian payments company eftpos has joined the Governing Council of Hedera Hashgraph’s decentralized public network and will run the country’s first node. In practice it worked very well and addresses a major pain point for many people who struggle to get cash from one place to another without visiting an ATM, supermarket or waiting for bank transfers. A QR code scanner is built in to the app if a username is too tricky to type out. Each payment has the sender's details, a reason for the payment being sent (fun and creative reasons are encouraged) plus the sender’s Other features are limited but this is by design to keep things simple. Using the app is intuitive, straightforward and designed to be fun with all payment pain-points removed. However, he was at pains to explain that while he couldn’t provide details of Beem It’s “long-term commercialisation plans” this was, “not a solution for shareholders but for all Australians.” He was adamant that his motivation for creating Beem It was to, “remove complication and interruption of money from magical moments” (such as arguing over a bill after dinner). Wood says there were, “No plans for charging at the moment” which raised several concerns about building an audience, getting them hooked and then charging excessive fees (as seen elsewhere). The app has been in a pre-launch phase for several months but, as of 1 May, had 10,000 downloads. The app’s chief executive “and chief moment maker”, Mark Wood is American and had been in Australia for just three years before securing funding from three of Australia’s largest banks – an impressive feat that will make those with experience of Australia’s dismal start-up scene baulk. At the launch we were told that kids under 13 weren’t being targeted for the payment system, although it’s arguably safer than them carrying cash. It was designed to help make paying restaurant bills among groups easier (while removing all kinds of friction) but we found that simply having the ability to send money to kids to make lunch payments proved useful. That the payment is instant will attract many people. If it is not picked up, it returns to the sender’s account. If they don’t accept the money within seven days, the sender is notified. The send limit is currently $200 but the founders expect this to increase. Recipients are ideally other app users, but you can also send to existing contacts who are then invited to install the app and receive funds. Sending money then requires the swipe of an on-screen button. The app is available for both Apple and Android devices and works by having users sign up, create a Twitter-like (it’s so new that you can get your own first name at the time of writing) and verify their details (verification details are not stored). ![]() It was announced in October last year when ANZ was frozen out. The Australian start-up is backed by an unholy trinity of Commonwealth Bank, NAB and Westpac and there are no transaction fees applied for either sending or receiving money. ![]()
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