Volt, the
UK-based real-time payments platform, has announced its launch in Australia.
This marks the company’s continued global expansion following its $60 million
Series B funding round earlier this year.
Volt has enabled real-time bank transfers between consumers and merchants. It already
operates in the UK, Europe, and Brazil. With over 5,000 banks integrated into
its network, Australia represents a significant new market entry for Volt and
the real-time payments industry overall.
In
Australia, Volt will partner with PayTo, a digital wallet provider, to bring
account-to-account payments to consumers. Real-time payments are still
relatively new in Australia compared to debit and credit cards. However,
reports show growing consumer demand for faster payment options through open
banking.
“I am excited
to finally introduce our technology to the Australian market and begin our
journey into the APAC region,” Tom Greenwood, the CEO of Volt, commented.
Megatix, an
Australian ticketing platform, will be the first merchant to implement Volt’s
technology. It will allow customers to select “Instant Bank Transfer”
at checkout. This gives buyers a faster, more secure payment method while
helping Megatix avoid credit card fees.
The CEO of
Megatix, Roshan Odhavji, added that Volt’s real-time capabilities “will be
transformative to the payments space.”
To support
the Australia launch, Volt plans to establish a local office and make new hires
in the country soon. Recently, the company announced that Matt Komorowski
joined Volt as the new CRO.
Australia Adopts New Payments
Technology
A current
study by Cognizant has placed Australia as a frontrunner in embracing novel
payment technologies, ranking just behind China. Meanwhile, Juniper Research
forecasts that the global value of open banking payments will hit $330 billion
by 2027.
“Australia
trails only China as a leading market in new payments technology and adoption.
While NPP is driving the new payment rails for open banking, companies like
Afterpay have emerged outside these rails, showing customers are eager to adopt
innovative financial products that deliver utility and convenience,” the report
commented.
Volt, the
UK-based real-time payments platform, has announced its launch in Australia.
This marks the company’s continued global expansion following its $60 million
Series B funding round earlier this year.
Volt has enabled real-time bank transfers between consumers and merchants. It already
operates in the UK, Europe, and Brazil. With over 5,000 banks integrated into
its network, Australia represents a significant new market entry for Volt and
the real-time payments industry overall.
In
Australia, Volt will partner with PayTo, a digital wallet provider, to bring
account-to-account payments to consumers. Real-time payments are still
relatively new in Australia compared to debit and credit cards. However,
reports show growing consumer demand for faster payment options through open
banking.
“I am excited
to finally introduce our technology to the Australian market and begin our
journey into the APAC region,” Tom Greenwood, the CEO of Volt, commented.
Megatix, an
Australian ticketing platform, will be the first merchant to implement Volt’s
technology. It will allow customers to select “Instant Bank Transfer”
at checkout. This gives buyers a faster, more secure payment method while
helping Megatix avoid credit card fees.
The CEO of
Megatix, Roshan Odhavji, added that Volt’s real-time capabilities “will be
transformative to the payments space.”
To support
the Australia launch, Volt plans to establish a local office and make new hires
in the country soon. Recently, the company announced that Matt Komorowski
joined Volt as the new CRO.
Australia Adopts New Payments
Technology
A current
study by Cognizant has placed Australia as a frontrunner in embracing novel
payment technologies, ranking just behind China. Meanwhile, Juniper Research
forecasts that the global value of open banking payments will hit $330 billion
by 2027.
“Australia
trails only China as a leading market in new payments technology and adoption.
While NPP is driving the new payment rails for open banking, companies like
Afterpay have emerged outside these rails, showing customers are eager to adopt
innovative financial products that deliver utility and convenience,” the report
commented.
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- Source: https://www.financemagnates.com//fintech/fintech-firm-volt-rides-wave-of-series-b-funding-to-australian-shores/
