The top national debit infrastructure operator in Australia, Efptos, has been named as the newest member of the Hedera Board of Governors.
Besides being the 17th member of the council, Eftpos will also be Australia’s first network node operator for Hedera. Google, IBM, Boeing and Deutsche Telekom are all other members of the Council.
Australia’s leading debit infrastructure operator Eftpos has been announced as the 17th member of Hedera’s governing council, joining the likes of Google and Boeing. https://t.co/meZk24QSSs — Cointelegraph (@Cointelegraph) January 27, 2021
Although point-of-sale electronic funds transfers, or EFTPOS, is a form of payment technology. It is also the brand of a particular system used in Australia and New Zealand for such transactions.
Stephen Benton, CEO of Eftpos, explained its growing involvement with Hedera as a key component of its innovation strategy for digital payments. He also anticipated that crypto-powered micropayments would trigger a significant disturbance in the Australian economy:
“We are excited to participate in the development of next-generation micropayments technology that has the potential to open up entirely new ways of conducting business for Australian enterprises and enable compelling new experiences for Australian consumers,”
The news follows a successful proof-of-concept last year conducted by Eftpos and Hedera into micropayments, with the initiative piloting frictionless sub-cent transfers using Eftpos’ API and Hedera’s Australian dollar stablecoin. Eftpos Entrepreneur in Residence Rob Allen said:
“By combining the new Eftpos API infrastructure with a consumer wallet-based experience, digital identity, and an AUD-based stablecoin using Hedera’s superfast, secure and low-cost distributed network, the PoC’s objective was demonstrably achieved.”
Allen further stated:
“Use cases like this simply are not possible on other public blockchains. Along with several partners, we are now exploring a variety of use cases that this combination of technologies enables and the options to commercialize them.”
Co-founder and CEO of Hedera Hashgraph Mance Harmon speculated that cooperation between Eftpos and the other members of the council would allow “micropayments and other innovative financial models a reality for millions of consumers and billions of IOT devices” in Australia.
Over the past year, with a government-supported supply chain quality control platform introduced on Hedera’s Hashgraph in September 2020. Hedera has extended its Australian footprint.