Eftpos to roll out micropayment and digital identity solutions

Thursday 23 July 2020 11:10 CET | News

Australia-based payments company Eftpos has announced the development of a micropayments proof-of-concept solution, while piloting a new digital identity offering.

According to ZDNet, the company partnered with Hedera Hashgraph to develop the micropayments proof-of-concept solution, in hopes it could be used as an alternative payment to monthly subscriptions or paywalls.

The offering was developed by using the Hedera Consensus distributed public ledger service that enables consumers to load their digital wallet with a few dollars to make an online micropayment, such as purchasing one article behind a paywall from an online newspaper, or a movie from a streaming service, instead of paying for a monthly subscription.

Moreover, Eftpos announced it will collaborate with Australia Post to pilot a new digital identity solution. The solution, called connectID, has been designed to protect consumers from identity theft and fraud, while acting as an intermediate between identity service providers and merchants or government agencies that require identity verification, such as proof of age, address details, or bank account information. 

Besides, the connectID solution has been designed to work within the federal government's Trusted Digital Identity Framework (TDIF) and the banking industry's TrustID framework. Eftpos will test it with Australia Post's digital identification service, ahead of the official launch of connectID before the end of 2020.

Furthermore, the company stated that connectID could provide new secure and privacy-protecting ways to distribute government funds such as social security, disaster relief, health services, or small business assistance.

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Keywords: eftpos, Australia, micropayments, proof-of-concept solution, digital identity, .alternative payment, subscription payments, paywalls, Hedera Consensus, digital wallet, Australia Post, Connected, identity theft, merchants, Trusted Digital Identity Framework, TDIF
Categories: Fraud & Financial Crime
Countries: Australia
This article is part of category

Fraud & Financial Crime