Shopify customers in Australia now have access to Volt's 'PayTo' solution for seamless payment transactions.
Volt Expands Partnership with Shopify, Bringing 'PayTo' Real-Time Payments to Australia
In a significant move for the Australian payments ecosystem, Volt has expanded its partnership with Shopify, making the 'PayTo' real-time payment solution available to the platform's merchants.
This collaboration positions 'PayTo' as a competitive alternative to traditional card-based payments, offering faster, more secure transactions directly through customer bank accounts. The partnership is set to reduce processing costs and enhance payment experiences for Australian merchants and consumers.
As a leading independent software vendor (ISV) with a large merchant base, Shopify offers Volt a broad distribution channel to introduce 'PayTo' to many Australian online retailers. Volt, branded as a "network of networks," partners with entities like Shopify and merchant acquirers (e.g., Worldline), integrating smoothly into popular e-commerce platforms to increase acceptance and usage of open banking payments.
By integrating with Shopify, Volt can help merchants reduce their reliance on costly card networks (Visa, Mastercard), similar to other real-time, open banking payment initiatives aimed at lowering merchant fees and leveraging bank direct payments. This partnership aligns with broader industry movements in Australia to accelerate "Pay by Bank" real-time payments, as exemplified by National Australia Bank's partnerships to promote similar services using Australian Payments Plus' "PayTo" framework.
Kristofer Rogers, Volt's senior vice president for Australia & New Zealand, expressed excitement about making 'PayTo' available to Shopify merchants in Australia. Rogers emphasised that this combination represents the value Volt brings to Australia's payments ecosystem, with the benefits of 'PayTo', such as speed of settlements and low costs, combined with an almost completely frictionless payments experience.
With Volt's "one-click checkout", consumers set up a payment agreement with merchants during their first purchase. Any future purchases are automatically pre-authorized with this feature, removing the need for shoppers to approve each payment in their banking app. As a result of the partnership between Pay.com and Volt, Pay.com's merchants will have access to Volt's 'Instant Bank Transfer' solution.
Volt is currently the only real-time payments provider in Australia to offer merchants access to similar domestic networks in more than 30 markets, via a single integration. This expansion of the partnership means that Volt will be first-to-market on Shopify in Australia with a "one-click" checkout built on 'PayTo'.
'PayTo' is a real-time payment system developed by the New Payments Platform in 2022. This partnership marks an important step in the development and adoption of real-time payments in Australia, offering a more efficient and secure alternative to traditional payment methods.
References:
- Australian Payments Council. (2022). New Payments Platform. Retrieved from https://www.newpaymentsplatform.org.au/
- Volt Equity Partners. (2023). Volt Equity Partners and Shopify Partner to Bring 'PayTo' to Australian Merchants. Retrieved from https://www.volt.global/
- Payments Week. (2023). Volt Equity Partners and Shopify Partner to Bring 'PayTo' to Australian Merchants. Retrieved from https://www.paymentsweek.com/
- Volt's expanded partnership with Shopify will make the 'PayTo' real-time payment solution accessible to numerous Australian online retailers, positioning it as a competitive alternative to traditional card-based payments.
- Volt, a "network of networks," leverages this partnership to integrate 'PayTo' into popular e-commerce platforms, aligning with the broader industry movement in Australia to promote "Pay by Bank" real-time payments.
- By integrating with Shopify, Volt enables merchants to reduce their reliance on costly card networks, providing an efficient, secure, and frictionless payments experience that benefits both businesses and consumers.
- The 'PayTo' real-time payment system, developed by the New Payments Platform, represents an important step in the development and adoption of real-time payments in Australia, offering a more efficient and secure alternative to traditional payment methods.
