Waave, a fintech startup that offers open banking payment solutions, has announced the launch of a new checkout option for retail pharmacy customers in Australia. The new feature, called Pay By Bank, allows customers to pay for their purchases directly from their bank accounts, without the need for credit cards or other intermediaries.
What is Waave and how does it work?
Waave is a new payment platform that aims to make payments more personal, transparent, and cost-effective for both businesses and consumers. Waave uses open banking data to create a seamless, simple, and secure payment experience that is regulated by the Australian Competition & Consumer Commission (ACCC) and the Australian Transaction Reports and Analysis Centre (AUSTRAC).
To use Waave, customers simply need to select Pay By Bank at the checkout of participating merchants, connect their bank account, and approve the payment. The funds are then transferred directly from the customer’s bank account to the merchant’s account, without any fees or personal financial information being shared. Customers can also check their balance as they pay and receive a confirmation of the transaction.
Why did Waave choose the pharmacy sector as its first target market?
Waave chose the pharmacy sector as its first target market because it saw an opportunity to provide a better payment solution for customers who need to buy essential medicines and health products. According to Waave, the pharmacy sector is one of the largest and most frequent retail sectors in Australia, with over 5,700 pharmacies and over 450 million transactions per year.
Waave believes that Pay By Bank can offer several benefits for pharmacy customers, such as:
- Convenience: Customers can pay for their purchases in just two steps, without the hassle of entering credit card details or remembering passwords.
- Security: Customers can pay with their trusted banking authentication methods, such as FaceID or TouchID, and avoid the risk of fraud or identity theft.
- Savings: Customers can avoid paying extra fees or interest charges that are often associated with credit cards or other payment methods.
How has the response been from the pharmacy industry and the customers?
Waave has partnered with several leading pharmacy groups and brands in Australia, such as Chemist Warehouse, Priceline Pharmacy, TerryWhite Chemmart, and Amcal, to offer Pay By Bank as a checkout option. Waave claims that its payment solution has been well received by both the pharmacy industry and the customers, with positive feedback and high adoption rates.
Waave’s co-founder and CEO, Daniel Cannizzaro, said that he was delighted with the response from the pharmacy sector and the customers. He said that Waave’s mission was to create a payment platform that puts customers first and gives them more control over their money. He also said that Waave was looking forward to expanding its payment solution to other retail sectors and markets in the future.
