Eftpos Announces Partnership with Hedera to Launch Aussie Dollar Stablecoin

Eftpos — Australia’s largest debit card system, has announced a partnership with blockchain platform Hedera Hashgraph that will see the point of sale tech provider execute micropayments with an AUD stablecoin.

In an announcement published on July 22, Hedera Hashgraph stated that it would begin collaborating with eftpost Payments Australia in order to launch a micropayments proof of concept.

The collaboration, based on an Australian dollar stablecoin, is designed to test a new blockchain-based payment system that will function as an alternative to online paywalls or subscriptions.

Stephen Benton, eftpos CEO, stated that the integration of Hedera technology is part of a new innovation strategy designed to streamline the micropayment process.

The eftpos platform, which executes over 2 billion transactions worth over $130 billion annually, is focused on stress testing the capabilities of a new AUD stablecoin powered by the Hedera Consensus Service.

The core functionality of the new collaborative platform will allow Aussie consumers to load wallets with small payments and use them to pay for online content in a seamless manner.

The Hedera platform is a decentralized blockchain network that allows users and enterprises to create fast, scalable applications.

Eftpos appears to be pushing into new tech platforms as part of a forward-leaning strategy, recently partnering with Australia post to deliver a digital identify solution in order to connect merchants and government services. 

While the new Hedera and eftpos collaboration won’t result in an AUD stablecoin hitting the crypto markets just yet, the rapid adoption of blockchain technology by Australian payment processors represents a significant step forward toward a blockchain-powered future.