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