Following this announcement, the acquisition will position Banked at the forefront of Australia’s Pay by Bank market, while also providing the company with the possibility to establish a strategic collaboration with Chemist Warehouse in order to deliver optimised experiences to customers in the region.
In addition, Banked is set to continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
More information on the announcement
As Pay by Bank is currently gaining traction across the globe, Banked’s acquisition of Waave represents an important step into the firm’s strategy of offering its improved and secure payment technology and customer insights to the Australian market.
Chemist Warehouse and Waave have been working on developing a low-cost, secure, and engaging customer experience for Pay by Bank, a process that represented a critical factor in the acquisition strategy. At the same time, by partnering with Chemist Warehouse, Banked will have the possibility to support the manner in which businesses continue to gain insights and develop enhanced PayTo products for traders and clients. The timing of this initiative is also aligned with the growing demand from merchants for reduced payment fees and the overall global shift toward real-time payments.
The acquisition of Waave represents a major step forward in Banked’s mission of expanding its worldwide payments network. As Australia represents a key market for the company and Waave’s technology and market presence align with its vision, the financial institution aims to gain access to major brands that already benefit from Waave’s payment technology. By acquiring its Pay by Bank solution and integrating its suite of products with its own, Banked is expected to continue driving the adoption of real-time payment solutions across Australia, followed by more regions in the future.