Waave, an Australian open banking company for account-to-account payments, has introduced a new wallet solution to house its upgraded Pay by Bank product, which now offers biometric security access.
Waave’s Pay by Bank is Australia’s first account-to-account payment method powered by open banking and the New Payments Platform (NPP). Users to Waave can now also sign up to the Waave Wallet upon first use.
Waave reports that cyber breaches have impacted millions of Australians over the past year, especially within the retail sector. Issues such as password security and saved payment details are becoming increasingly problematic for merchants and consumers looking to protect themselves.
Waave launched Pay by Bank in early 2023 out of frustration with the “outdated and costly payment systems that stem from card dominance,” aiming to address these issues. Businesses across Australia are collectively paying close to $3billion in merchant fees, and often these are passed onto consumers as surcharges or higher prices for goods and services.
The wallet
Within the new wallet, Waave has built a multi-factor authentication layer using the latest in biometric technology for the web. It enables customers to leverage their device fingerprint or Face ID to authenticate themselves before authorising the payment from their bank account. This level of authentication reduces the risk of fraud and transaction disputes while maintaining a frictionless customer experience.
“Users of Pay by Bank simply create their Waave Wallet, connect to their desired bank on first use and register their biometrics,” said Ben Zyl, Waave co-founder and CEO. “Next time they go to pay for something, it will be as simple as scanning their face or fingerprint and then authorising the payment from their account – no entering names, passwords or card numbers, and with far greater security.”
Later this year, users of Pay by Bank will also gain access within the Wallet to Waave’s revamped Insights tool (formerly Wendi), giving them the ability to track their expenses in one place.
Furthermore, coinciding with the Wallet announcement, Waave has secured a Canstar Innovation Excellence Award for 2024, distinguishing it as one of only six businesses in the financial services sector acknowledged for its ‘technology and disruptive value proposition’.
“Our mission with Pay by Bank is to eliminate card fees, greatly reduce the likelihood of payment fraud, and give consumers confidence in every transaction,” Zyl also added. “Ultimately Waave’s goal is to become the vehicle for financial empowerment in the digital world.”
