Eftpos Australia launches micro-payment DLT pilot with Hedera
By: Date: August 2020 Categories: Bonus

Eftpos Australia, the country’s leading provider of point-of-sale technology, has announced a partnership with distributed registration technology (DLT) firm Hedera to carry out a proof-of-concept for micro-payments using a stable Australian dollar currency.

Eftpos CEO Stephen Benton described the collaboration with Hedera as part of a broader digital payments innovation strategy to modernize Australia’s payments sector.

The pilot aims to demonstrate how micro-payments can be used to deliver innovative payment solutions such as „pay-per-page content or pay-per-second transmission services.

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The proof of concept will be driven by a stable currency in Australian dollars through Hedera’s consensus service.

Speaking to Cointelegraph, Robert Allen, an Bitcoin Future expert and vice president of Blockchain Australia, described Proof of Concept as part of a diversification strategy the company has been developing „over the last year or two.

„Diversification for Eftpos means being ahead of the curve in terms of the future, it’s about how innovation is flooding the payments space and how we can be one step ahead of that,“ Allen said.

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Allen said Eftpos sought a partnership with Hedera a few months ago because of its „professionalism, enterprise-level technology and a growing board of governors.

„You can’t really argue against a governing board that’s actually co-owned by a company, [and] that includes Google, FIS, Boeing, Tata, Deutsche Telekom and the list goes on,“ he added.

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Allen discussed some of the applications that the payment firm envisions for its micro-payment system with stable technology in the future, emphasizing the opportunities for „pay-per-view on a page-by-page basis“ and „getting behind payment walls and subscriptions.

Looking ahead, Allen predicts that Eftpos will explore „real-time payment for streaming content“ in addition to „subsidy payments [to consumers] for listening to or viewing real-time content.

Allen also suggests that exploration of micro-payments with DLT technology will position Etpos to respond to innovations in the area of smart cities, driverless cars and other innovations in automation.