Eftpos, the leading Australian debit card network is using distributed ledger technology (DLT) from Hedera Hashgraph to trial a stablecoin micropayments system that could rival traditional online methods.
In an exclusive press statement shared with CoinDesk, Eftpos Australia CEO Stephen Benton said the collaboration between the two companies is a key part of Eftpos’ digital payments strategy.
Eftpos is Australia’s major debit card payments system having clocked more than 2 billion transactions in 2019, worth around AU$130 billion (US$92.8 billion).
The strategy is attempting to showcase the use of micropayments for online goods and services including pay-per-page content and streaming platforms on a pay-per-second model.
Benton also said Eftpos would “test the capability” of an Australian digital stablecoin leveraged off the Hedera Consensus Service API.
The project will be led by Eftpos entrepreneur-in-residence Robert Allen who will focus on payments innovation.
The proof-of-concept will be powered by an Australian dollar stablecoin through Hedera’s consensus service.
Robert Allen described the proof-of-concept as part of a diversification strategy the firm has been developing “over the last year or two.”
“Diversification for Eftpos means getting on the front foot in terms of the future, it’s about how innovation is flooding into the payments space, and how we can stay one step ahead of all of that,” Allen said.
Allen said that Eftpos sought to partner with Hedera a few months ago due to their “professionalism, enterprise-grade technology, and growing governance council.”
“You can’t really argue against a governing council that are actually part-owners of a company, [and] that includes Google, FIS, Boeing, Tata, Deutsche Telekom and the list goes on,” he added.