Eftpos will test the Hedera Hashgraph blockchain for micropayments

Australia’s largest electronic payment system, Eftpos, will test the Hedera Hashgraph blockchain for a micropayment system that could challenge traditional online payment methods.

Eftpos is Australia’s largest electronic payment system, which includes electronic transfers of funds based on the use of debit or credit cards, and in payment terminals located at points of sale. In 2019, the company processed more than 2 billion transactions worth about 130 billion Australian dollars.

The company wants to demonstrate the possibility of using micropayments to pay for online goods and services. Eftpos CEO Stephen Benton said that collaboration between the two companies is a key part of Eftpos ‘ e-payment strategy. He also said that Eftpos will “test the capabilities” of the Australian dollar-linked stablecoin using the Hedera Consensus Service API.

The project will be managed by Eftpos corporate entrepreneur Robert Allen, who will focus on innovations in the field of payments. Allen said the proof of concept will help Eftpos explore more options for using distributed Ledger technology with a “next-generation payment infrastructure” that can “support micropayments based on the Australian dollar.”

Recall that in may, University College London (UCL) joined the Board of governors of the decentralized Hedera Hashgraph platform, which implements the blockchain at the corporate level. Last September, Hedera Hashgraph announced the launch of a public beta version of its blockchain. Last summer, technology giant IBM and Indian telecommunications company Tata Communications also joined the Board of the Hedera platform.