Eftpos has partnered with US company Hedera Hashgraph to bring potentially game-changing micropayments technology to Australia.

The first Hedera network node will be run by Eftpos in Australia, allowing Aussie consumers to use a digital wallet to make very small payments for web content including articles and music from streaming services.

The technology could open up significant possibilities for media and entertainment companies in Australia, with Eftpos joining the Hedera Governing Council, allowing it to run the country’s first Hedera node and act as partner for the Hedera network globally.

Micropayment transactions enabled by the technology could be used by consumers to pay a publisher for articles on a per-page basis. It could also allow for a pay-per-second model to be used for streaming services, allowing for a fairer system of payment than the existing pay-per-stream model used by many platforms.

Use of the network is set to make microtransactions, often made difficult or unfeasible due to merchant fees, a more viable form of digital payment in Australia.

The Hedera Governing council includes several highly diversified organisations across the global network which aims to enable low-cost micropayments.

CEO Stephen Benton said Eftpos had seen several successful proofs of the concept in 2020 before signing the deal, and that he is excited for Eftpos to be part of new possibilities for Australian businesses and consumers to interact.

“By joining the Hedera Governing Council and running the Australian node, alongside some of the world’s largest and most influential companies, 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,” he said.

“For example, in a world of fast-paced technology change, low-cost micropayments to pay for internet content or tiny payments for device to device transactions.”

Eftpos will run the initial nodes of the Hedera network in Australia, plus guide strategy and software development.

Eftpos entrepreneur in residence, Rob Allen, said the potential uses of the technology weren’t possible on other public blockchains.

“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 commercialise them.

“Being on the Hedera Governing Council will provide us with the combined technical insight of all the Council members as well as a unique global perspective to improve our speed to market.”

Eftpos is the 17th member of the Hedera Governing Council.