Retail giant Coles is taking the first leap into QR payments in partnership with the Australian Payments Plus (AP+) consortium.

Under the alliance, AP+ is developing a bespoke digital wallet to leverage its Beem technology for Coles customers. 

The Beem platform will allow shoppers to pay via the eftpos QR code in retail stores.

AP+ managing director of digital experiences division Cowry Mark Britt said the Coles partnership was part of a commitment to working with retailers seeking to create new digital innovations in Australian payments.

Coles and Woolworths are both shareholders in AP+.

“We know Australians want their payments experience to be more valuable and user friendly and QR payments via a digital wallet makes this happen in an easy and sophisticated way,” Britt said.

AP+ is the holding company for Australia’s three native payments platforms, NPP Australia, eftpos and BPay. 

Launched in 2018, under the brand Beem It, the platform has over 1.7 million Australian registered users.

Despite reporting high revenues last year AP+ posted a net loss of A$5.5 million in the 12 months to June 2022.

The consolidation of Australia’s domestic payments organisations was cleared by the Australian Competition and Consumer Commission in September 2021, with the transaction completed in early 2022.

AP+ shareholders also include Paypal and other fintech players in addition to banking institutions ANZ, Bank of Queensland, Bendigo and Adelaide Bank, CBA, Citigroup, HSBC Bank Australia, ING Bank (Australia), Macquarie Bank, NAB and Suncorp Metway.

Coles CEO of emerging businesses George Saoud said Coles valued what was important to customers.

“We know they want quick checkouts, no wait times and an easy, seamless payment experience.

"We are excited to be working with AP+ to deliver this innovative digital experience for our customers leveraging the Beem wallet technology and the strength of the eftpos QR code platform,” Saoud said.