Banked has reportedly gained foothold on Australia’s real-time payments market with the acquisition of Waave, sparking strategic partnership with Chemist Warehouse.
Banked’s acquisition of Waave underscores commitment to building a truly global Pay by Bank platform.
Waave’s work with Chemist Warehouse in developing Pay by Bank solution was a “key” factor in the deal.
As consumer brands drive the global demand for Pay by Bank, combining Waave’s local expertise with Banked’s global capabilities positions them to offer the “end-to-end” solution in Australia.
In a deal set to put the spotlight on the adoption of real-time account-to-account payments, Banked, a Pay by Bank provider, confirmed in a blog post its strategic acquisition of Australian payment technology firm Waave.
This acquisition now reportedly positions Banked at the “forefront” of Australia’s Pay by Bank market and establishes a strategic partnership with Chemist Warehouse, one of Australia’s largest retailers, to deliver a Pay by Bank experience.
The deal follows Banked’s entry into the Australian market in partnership with NAB, with the pair teaming up to deliver a Pay by bank solution and enable the adoption of account-to-account payments for Australian merchants.
The acquisition of Waave demonstrates a “commitment” from Banked to deliver on its vision to create a truly global Pay by Bank network, leveraging its technology in order to capture growing demand in new markets.
With Pay by Bank gaining traction – highlighted by Walmart’s recent announcement to launch the solution in the US – Banked is seizing the opportunity to bring its “advanced” payment technology and consumer insights to the Australian market.
Australia is said to be a key market for the business, and Banked is now working with banks and merchants to build the Pay by Bank solution for businesses and consumers.
One business now at the front of the queue due to its existing relationship with Waave is Chemist Warehouse, which has plans to activate a “secure” Pay by Bank solution in its online and in-store operations (launching in early 2025).
The work Chemist Warehouse and Waave have been doing to develop an “engaging” consumer experience for Pay by Bank was considered a “critical” factor in the acquisition strategy.
A merchant working directly with an exciting startup shaping how consumers use Pay by Bank both online and at the point of sale was seen by Banked as a “compelling” partnership.
This supports how the business will continue to “gain insights” and develop the best PayTo product for merchants and consumers, ultimately aiming to win market share in the region.
The timing of this deal is aligned with the demand from merchants for reduced payment fees and the global shift toward real-time payments.
With Walmart launching Pay by Bank in the US in 2025 and Visa announcing its account-to-account payments strategy in Europe and the UK, the acquisition is said to be signaling Banked’s commitment to being a global leader in the space.
By working with the pipeline of merchants that Waave brings – including Chemist Warehouse and other top-tier Australian retailers – Banked is gaining insights into merchant and consumer needs for Pay by Bank in Australia.
Jack Gance, Founder and CEO of Chemist Warehouse, expressed his enthusiasm for the collaboration and alliance said that for a business like their, where cost and consumer choice is important, the ability to reduce transaction fees with a secure, real-time payment option is game-changing.