Waave, a pioneering figure in Open Banking payment technology, has officially declared a collaboration with esteemed global payments orchestrator Gr4vy. The partnership aims to initiate the Pay by Bank solution across major retail outlets throughout the country.
As the first major retailer in Australia to take advantage of this partnership, Barbeques Galore has chosen to implement the Pay by Bank solution devised by Waave and Gr4vy this month.
Waave has designed the inaugural Open Banking-fueled payment method in Australia, which considerably diminishes payment expenses for merchants. Recognised by all Australian banks and accredited by Waave's Consumer Data Right, the innovative approach offers enhanced security measures. This alternative payment method requires no third-party involvement, and no card details must be inputted or shared, making it a seamless, safe and surcharge-free substitute to conventional cards for customers.
Barbeques Galore has been striving to enhance efficiencies across its business, with payments becoming a pivotal focus. This is apparent as they juggle emerging technologies, customer demand for Buy Now Pay Later schemes, and other payment types on top of the more traditional transaction facilitation methods.
Most retailers discussed the cost of doing business instead of driving top-line sales during the last ASX reporting season. However, Barbeques Galore remains at the forefront of the industry, successfully managing growing costs while maintaining growth in top-line sales. The retailer is exploring ways to optimise Waave's technology across their loyalty programme, The Barbeque Legends Club, in cooperation with Waave.
Speaking on the new venture, Mitchell Koureas, CFO at Barbeques Galore, said, "We are excited to be working with Gr4vy and Waave to bring a new surcharge-free option to our customers and lead the industry in the adoption of Open Banking. This is a way for us to save on merchant fees while offering a fair, secure and seamless payment experience to our customers."
"We are also exploring using this technology to offer a one-tap checkout experience that integrates with our other member benefits including discounts, exclusive access to cooking experiences, and other member-only offers."
John Lunn, CEO and Founder of Gr4vy stated, "We are delighted to partner with Waave in revolutionising the Australian retail payment landscape. Our collaboration marks a significant milestone in embracing open banking, offering a cutting-edge Pay by Bank solution aligning with our commitment to streamlining payment processes while simplifying the integration and maintenance burden for merchants."
"This partnership not only elevates the payment experience for consumers but also presents a unique opportunity for retailers to optimise transaction costs and enhance payment security. We're proud to support Barbeques Galore and Baby Bunting in their pioneering efforts to adopt this technology, setting a new standard for the retail industry."
Ben Zyl, CEO and Co-Founder of Waave said, "Our mission with Pay by Bank is to reinvent the payment experience. For too long, merchants have been held to ransom. The technology now exists to offer seamless, fast and secure digital payments without the ridiculous cost."
"We are thrilled to be working with Gr4vy and major retailers like Barbeques Galore and Baby Bunting to reduce their payment costs while giving their customers quick and direct access to their money withcompletel security and transparency; no more surcharges, no more entering or divulging of card details."