Saturday, June 15, 2024

Zepto to power Wpay’s PayTo offering

Woolworths Group’s Wpay has selected Zepto to power its PayTo solution via the New Payments Platform (NPP).

Developed by NPP Australia, PayTo is a new, digital way for merchants and businesses to initiate real-time payments from their customers’ bank accounts directly with speed and security.

Zepto and Wpay will work together to deliver a PayTo use case to Woolworths and partners, playing a significant role in driving consumer adoption of the new payment method. The partnership recognises both parties’ commitment to delivering enhanced customer payment experiences via real-time, digital account-to-account payment solutions that scale as businesses do.

The new solution will enable real-time bank account verification as well as real-time payment validation, processing, settlement, and reconciliation. PayTo also provides customers with greater control over payments on everyday purchases while also enhancing protection against fraud.

Wpay Managing Director Paul Monnington says the company continues to look for payment solutions that provide customers choice and help make their lives easier.

“With their direct connection to the NPP payment rails, Zepto was the obvious choice for us when looking for a PayTo partner,” he says.

“We are seeing an increased appetite from customers for real-time payments because they offer immediate processing and settlement of transactions, which provides greater convenience and speed compared to traditional payment methods.”

Zepto co-founder and CEO Chris Jewell says his company is ecstatic to be partnering with Wpay to launch a game changing PayTo use case to retail.

“PayTo is revolutionising the way businesses approach payments, while also mitigating the risks of missed payments and fraud,” he says. “It’s an incredible milestone in Wpay’s journey and we couldn’t be more excited to be supporting this.”

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