The service is a deposit and withdrawal messaging capability, allowing users to make payments from their accounts using Eftpos between Australian debit cardholders.
The payment service has initially been launched on the Beem It payment app, which Eftpos bought in November 2020 from its former owners the Commonwealth Bank of Australia, National Australia Bank, and Westpac. According to Eftpos, the capability will replace manual processes with real-time transfer of funds.
The company also informed that the platform could potentially be used for other P2P or business-to-consumer payments such as insurance payouts, government disbursements, rebates, instant payroll, loyalty cashback, gift card loading, and newsagency lottery payouts.
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