New QR payment system set to shake up how consumers shop

The way Australians shop is set to change after a major shake-up to supermarket payments was announced.

The way Australians shop could change forever when a QR code payment option is rolled out by major supermarkets in time for Christmas.

Eftpos on Wednesday revealed it has developed a new payment platform that will allow customers to scan a QR code to pay.

Supermarket giants Coles and Woolworths are already on board, with the Commonwealth Bank and NAB set to support the rollout.

The new platform, titled eQR, will work similar to scanning a QR code to check into a venue – a process Australians have become all too familiar with during Covid-19.

It’s expected eQR will allow retailers to integrate reward schemes with payments, instead of requiring reward cards to be scanned separately.

Consumers have become accustomed to using QR codes throughout the pandemic. Picture: AsiaVision

The development comes as the banks attempt to wrestle market power back from the Apple Wallet product. Unlike with Apple, there will be no charge for banks to use the new eftpos service.

Eftpos chief executive Stephen Benton said the product comes at a perfect time for consumers, who have become so accustomed to using QR codes throughout the pandemic.

“We expect eQR will quickly become the QR equivalent of eftpos Tap & Pay on debit cards,” he said.

Consumers currently have a choice between using a physical card or tap & pay via the Apple or Google Wallet.

“Covid has changed customer behaviour and Australians are now ready for the enhanced payment experience offered by eQR.

“The eQR platform aims to provide better experiences for consumers and merchants through added security, loyalty, offers and digital receipts, no matter where they choose to shop – online, on their mobile or at the checkout.”

The platform is currently being trialled in several Australian merchants ahead of an expansion later in the year.

Both Coles and Woolworths have backed the rollout, indicating the adoption of eQR technology is a win for consumers.

“Now is the perfect time to introduce QR and we look forward to building the next generation of seamless payment experiences with eftpos in the months ahead,” Woolworths Group‘s Wpay Managing Director Paul Monnington said.