Banked has acquired the Australian payment technology firm Waave in a move to bolster its presence in Australia's Pay by Bank market.
This acquisition aligns Banked with Chemist Warehouse, one of the largest retailers in Australia, to provide a Pay by Bank service. Previously, Banked entered the Australian market partnering with NAB to expedite the use of account-to-account payments by businesses in the region.
The purchase of Waave by Banked exemplifies its dedication to expanding a global Pay by Bank network. Currently, the popularity of Pay by Bank is rising, as evidenced by Walmart's recent plans to introduce it in the United States. Banked seeks to implement this payment technology and consumer insights within the Australian market.
Australia is an essential market for Banked, which is working together with leading banks and merchants to establish a strong Pay by Bank solution for both businesses and consumer needs. Chemist Warehouse, having an existing collaboration with Waave, aims to implement an efficient Pay by Bank system in its online and physical stores by early 2025.
Jack Gance, Founder and CEO of Chemist Warehouse, stated: "We're excited to see Waave join forces with Banked and we're thrilled to be at the forefront of this payments revolution. For a business like ours, where cost and consumer choice is important, the ability to reduce transaction fees with a secure, real-time payment option is game-changing. I believe it is an important responsibility to our customers to ensure that the best user experience is developed for this new technology and we look forward to working with Banked as they continue to expand this innovative product in the Australian market."
Brad Goodall, CEO of Banked, expressed his perspective on the acquisition, saying: "Acquiring Waave is a major step forward in our mission to expand our global payments network. Australia is a key market for us, and Waave's technology and market presence align perfectly with our vision. By acquiring Waave's Pay by Bank solution and integrating its product's strengths with our own best-in-class product, we'll gain access to the great brands already benefiting from their innovative payment technology. We're excited to welcome Waave to the Banked group and continue driving the adoption of real-time payment solutions across Australia and beyond."
Ben Zyl, CEO and Co-founder of Waave, remarked: "This is a milestone moment for Pay by Bank in Australia. We share Banked's commitment to bring payments out of the dark ages and create a globally accessible payments network that is good for everybody. We are immensely proud of what our team has built and look forward to becoming an expanded team alongside Banked to lead payments innovation in this country."
Waave's previous work with Chemist Warehouse was influential in the acquisition decision due to its development of a secure and cost-efficient Pay by Bank solution. This has allowed Waave to build meaningful partnerships with other major retailers, positioning Banked to better understand the requirements of merchants and consumers in Australia.
