Eftpos reveals first logo change since 1980s as brand takes on buy now, pay later market | Alds

The network has ditched its traditional maroon shade for a lighter pinkish tone in a bid to modernise the national payments platform, which allows real time debit transactions to occur.

Eftpos is looking to rebrand itself amid a digitising payments market and the rise of new transaction vehicles such as buy now, pay later.

Also revealing a new slogan “good for Australia”, eftpos chief executive Stephen Benton said the branding would be implemented across stores, cards and payment platforms.

He also said the branding has been designed to appeal to a younger millennial audience who are predominantly using digital methods to make payments.

“We want Australians to know that our company is evolving alongside them, and our goal was to convey simplicity and modernity while preserving our distinctly Australian heritage,” Mr Benton said.

“This brand refresh is a key component of our much broader digital payments strategy focused on creating greater value, ease and security for consumers and businesses by enabling compelling innovations for members, fintechs and retailers …”

The branding reveal comes a week after eftpos announced it would roll out a national QR code payment system for online purchases.

Eftpos is the nation’s least cost router for debit card transactions, meaning a payment through the eftpos network is relatively cheaper compared with a transaction put through Visa, MasterCard or American Express.

The company processed more than two billion debit card transactions in 2020 with an average daily value of $300m.

The new branding was done by design agency Hulsbosch.

Mr Benton flagged more than 50 million cards would be updated with the new logo and hundreds of thousands of logos would be refreshed across retailers that accept eftpos.

“Eftpos is one of Australia’s most iconic brands, and we were careful and thoughtful about how we needed to evolve it for the future,” Mr Benton said.