Eftpos proposes digital ID for Australian government services and announces trial phase
Eftpos is angling to have its digital identity solution used to access government services, and has announced the technology will move into the trial phase, having completed a proof of concept with 17 Australian business, ZDNet reports.
The Australian government has accredited the Taxation Office’s myGovID and Australia Post’s digital ID service. Eftpos, however, says its service can act as a ubiquitous digital ID platform to give users a “smoother, faster, and more secure onboarding experience, including for government services.”
The company told the Select Committee on Financial Technology and Regulatory Technology in a submission that in light of remote transaction requirements brought on by the coronavirus pandemic, it could provide an Australia-based digital identity solution to enable secure and private government fund distribution. Eftpos also proposes to provide fintechs with low-cost access to its network and payments capabilities, and a range of data sets and marketplaces that the company says have high entry barriers.
Among the other advantages Eftpos says it can deliver with government support are enabling regulatory compliance and keeping Australian’s personal data in-country. More than 40 million bank accounts in the country utilize bank verification systems with Eftpos’ technology, which would further help it deliver digital identity services.
“We believe there will be a critical need for increased competition in digital payments, as well as an Australian-based digital identity solution to help facilitate this accelerated digital transition and provide opportunities for the fintech community,” the company argues.
Eftpos says it is already providing online digital transactions for a number of Sydney retailers, payment gateways and small issuers. The company recently launched a biometric age verification service. The technology leverages a customer’s online banking app and native mobile device biometrics, and a Credential Service Provider confirms the customer’s age-eligibility to purchase alcohol to the vendor.
Australia’s Digital Transformation Agency is planning to begin public testing of the biometric element of its digital ID system in the first half of this year.