CFOtech Australia - Technology news for CFOs & financial decision-makers
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Quest, Waave and Chemist Warehouse to launch Open Banking payment option
Wed, 20th Dec 2023

Waave, the Open Banking payment technology innovator, has declared a partnership with Quest Payment Systems (Quest) and retail pharmacy group, Chemist Warehouse. The partnership aims to launch a 'groundbreaking' Open Banking checkout option across the pharmacy's 500 nationwide stores.

Quest's function as Chemist Warehouse's payment solutions and terminal provider will be fundamental in the partnership, propelling the introduction of Waave's Pay by Bank solution. This innovative solution functions as a QR-code scan alternative at the checkout but also as an online checkout option.

The Pay by Bank solution is a notable pioneer as the first Open Banking powered payment method in Australia. This technology permits customers to pay directly from their bank account in real-time, bypassing payment scheme fees, and substantially reducing payment costs for merchants.

Importantly, Pay by Bank is accepted by all Australian banks and boasts enhanced security through Waave's Consumer Data Right accreditation, which is governed by the ACCC.

The QR-code scan option gives shoppers a simplified payment method, eliminating the need for a physical bank card, specific app, or digital wallet on their device. Shoppers simply scan the QR code on the terminal, authorise the payment, and proceed securely with their purchase.

This digital wallet is capable of holding multiple bank accounts and will display the customer's bank balance in real-time prior to authorising their purchase.

Ben Zyl, co-founder and CEO of Waave, expressed his excitement regarding the Open Banking payment technology, "This is a big moment for Open Banking in Australia. To see an option at the terminal that directly connects to your bank and doesn't come with any of the additional fees and risks of cards is the beginning of a payments revolution."

Jack Gance, founder of Chemist Warehouse, lauded the partnership, "We’re a low margin business, so that comes with significant costs. We are honoured to be working with Quest to become the first company to introduce Waave's Pay by Bank as a multi-channel checkout option. Their proposition of low fee with no scheme fee and no bank fee is huge."

The CEO of Quest, Jan Mason, echoed these sentiments and expressed pride in collaborating with Chemist Warehouse. She stated, "We are proud to support our customer, Chemist Warehouse, and its continuous innovation to enabling its customers to pay the way they want. We are pleased to work with Waave on this Australian first initiative to give customers a new and exciting way to pay."

Waave is the first both B2B and B2C payment platform use case of Open Banking in Australia and an intermediary of the ACCCs Consumer Data Right (CDR). Its flagship product Pay by Bank is a seamless and secure alternative payment method to traditional cards, allowing customers to pay instantly, directly  and securely via their bank.