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Australian Payment Card Company to Trial Micropayments Using Hedera Hashgraph
Eftpos Australia is using Hedera Hashgraph to trial a micropayments system that could rival traditional online methods.
Updated May 9, 2023, 3:10 a.m. Published Jul 22, 2020, 8:06 p.m.
A leading Australian debit card network is using Hedera Hashgraph to trial a micropayments system that could rival traditional online methods.
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In an exclusive press statement shared with CoinDesk on Wednesday, 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.
Read more: Australia Post Now Lets Customers Pay for Bitcoin at Over 3,500 Outlets
The project will be led by Eftpos entrepreneur-in-residence Robert Allen who will focus on payments innovation.
Allen said the proof-of-concept would assist Eftpos in exploring more use cases for distributed ledger technology by leveraging “next-generation payments infrastructure” that may be able to “support Australian dollar-based micropayments.”
Hedera welcomes the collaboration especially since its native token HBAR fell flat of expectations on initial release in September 2019, dropping from a high of $0.36 cents to around $0.03 in a little over two weeks.
HBAR has since steadied itself and is up 1.34% over a 24-hour period to around $0.04, according to crypto data analytics firm Messari.
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