Open banking payment technology provider, Waave, has partnered with global payments orchestrator, Gr4vy, to introduce its Pay by Bank solution to major merchants across Australia.
Waave built its open banking-powered payment method to significantly reduce payment costs for merchants in Australia. All Australian banks accept the solution, Pay by Bank, which provides greater security through Waave’s Consumer Data Right accreditation.
For consumers, the open banking-powered payment method offers a secure and surcharge-free alternative payment method to traditional cards, requiring no third party, and no entering or sharing of card details.
John Lunn, CEO and founder of Gr4vy, discussed the partnership: “Our collaboration marks a significant milestone in embracing open banking, offering a cutting-edge Pay-by-bank solution that aligns 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.”
This month, Barbeques Galore will become the first major retailer in Australia to leverage its partnership with Gr4vy to go live with Waave’s Pay by Bank solution. As Barbeques Galore continues to drive efficiencies across the business, payments have become a key area of focus as they balance emerging technologies, customer demand for Buy Now Pay Later schemes and other payment types, in addition to the more traditional transaction facilitation methods.
During the last ASX reporting season, most retailers were discussing the cost of doing business rather than driving top line sales. Barbeques Galore is not only managing growing costs, but also maintaining growth in top-line sales. In addition, Waave and Barbeques Galore are working together to explore ways to optimise Waave’s technology across the retailer’s loyalty programme, The Barbeque Legends Club.
Ben Zyl, CEO and co-founder of Waave, added: “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 with full security and transparency – no more surcharges, no more entering or divulging of card details.”
Mitchell Koureas, CFO at Barbeques Galore, also commented on the significance of the partnership: “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.”