Australian payments company eftpos has joined the Governing Council of Hedera Hashgraph’s decentralized public network and will run the country’s first node. The company is the 17th entity to join Hedera’s Council, including Google, IBM and LG Electronics as members. The news is a massive win for the DLT network, but the token price spiked before the announcement, repeating behavior before Google joined.
Nineteen firms own eftpos, including Australia’s biggest banks Commonwealth Bank of Australia, Westpac, ANZ and National Australia Bank. The organization operates Australia’s debit card processing system and recently acquired ‘Beem It’, a mobile payments app. Eftpos processed over two billion transactions in 2020 at an average of more than $300 million a day.
Debit cards have become the most popular payment choice in Australia. In 2019, debit payments accounted for 44% of all consumer payment methods, and in 2020 they accounted for 70% of the monthly electronic payments.
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