Banked has announced a partnership with National Australia Bank (NAB) to launch Pay by Bank (PayTo) as a payment option on Amazon's Australian store, allowing customers to make secure and frictionless payments directly from their bank accounts.
The partnership between Banked and NAB seeks to enhance the payment process for Amazon.com.au customers by implementing a cost-efficient, instant payment solution. This new feature, "PayTo," provides visibility and control over payments, facilitating safe authorisation of transactions through customers' online banking platforms.
Banked's Chief Executive Officer, Brad Goodall, commented on the significance of the Amazon PayTo launch in Australia: "Enabling Amazon and NAB to launch PayTo in Australia is a huge step in cementing our position as a truly global Pay by Bank platform. Australia is an important market for us and we have worked closely with NAB to ensure Amazon's PayTo sets a worldwide benchmark for account-to-account payments at scale."
He added, "As more consumers become aware and familiarise themselves with the Pay by Bank experience through major brands like Amazon, we will see a snowball effect of uptake. This announcement today between NAB and Amazon will leapfrog Australia into a commanding position as an account-to-account payments global leader."
The implementation of the PayTo payment option eliminates the need for customers to provide card details, allowing for seamless transactions directly from bank accounts. Customers can use PayTo for both one-off and recurring payments, initiated in real-time with a single click once approved as an online banking payment method.
NAB's Executive of Enterprise Payments, Jon Adams, emphasised the benefits arising from Banked's global expertise in facilitating the implementation: "It has been a pleasure working with the Banked team on this implementation. They understand tier one merchants and their global insight and experience puts NAB in a great position to provide the scale, security and customer experience that consumers and merchants like Amazon demand from their payment experiences."
This collaboration follows Banked's recent entry into the Australian market, marked by the acquisition of local payment technology firm Waave. This move has reinforced Banked's presence and strategy in account-to-account payments, including a strategic deal with Chemist Warehouse, a major Australian retailer, aiming to deliver enhanced payment experiences.
PayTo, an initiative of Australian Payments Plus, is accessible to 95% of retail bank accounts across Australia and has contributed to the expansion of account-to-account payment capabilities, currently available to facilitate payments for 102 million Australian accounts via real-time payment infrastructure.
