What is Pay by Bank?
Pay by Bank is a real-time payment that allows consumers to make payments directly from their trusted online or mobile banking apps, bypassing the need for cards. This secure method leverages banking infrastructure for robust authentication, enhancing transaction security and trust. PayID and PayTo integration streamlines transactions, improving operational efficiency in Australia.
The Power of PayID
At the heart of Azupay’s solution lies with PayID—a universal identifier that simplifies the payment process. PayID simplifies the payment process by removing the need for your customers to remember credit card, BSB and account numbers.
To use PayID, users can simply link their bank account details to a unique identifier such as an email address or mobile number. This eliminates the hassle of sharing sensitive financial information for each transaction, reducing errors and enhancing privacy. The adoption of PayID is on the rise. As of May 2023, PayID now accounts for 20% of all payments, with 15 million registrations, up from six million in 2021.
Introducing PayTo
PayTo is a modern digital solution designed to streamline processing, lower costs and eliminate dishonours, providing a faster and smarter way to get paid.
Businesses can generate ‘PayTo agreements’ embedded with PayTo information. PayTo agreements are an alternative to a direct debit, providing more visibility and control over recurring bills, memberships and subscriptions. Customers simply scan or click to authorise payments directly from their bank accounts, streamlining checkout processes and improving customer satisfaction.
With PayTo your customers receive a superior account-to-account payment experience helping you to build trust, loyalty and improved customer retention.
Benefits of Pay by Bank
- Enhanced Security: In the 2022-23 financial year, the average cost of cybercrime for small business increased to $46,000, and for medium businesses, increased to $97,000. Payments through Pay by Bank are authenticated via users’ banking apps, leveraging strong security measures recommended by the Australian Cyber Security Centre (ACSC). This approach minimises the risk of fraud and unauthorised transactions.
- User Convenience: Consumers enjoy a frictionless payment experience without the need for cards or manual entry of account details. According to Australian Banking Association, the nation’s adoption of digital banking and reliance on mobile phone doubled in three years from 19% in 2019 to 38% in 2022.
- Cost Efficiency: For merchants, Pay by Bank reduces transaction fees and need for surcharging associated with traditional payment methods, contributing to cost savings for businesses and consumers.
- Control and Transparency: By utilising trusted banking apps and standardised secure identifiers like a unique PayID (available with Azupay at the transaction level). We can enhance trust and efficiency with customers and ensure transparent transactions, which is important with adoption of new payment channels.
What can Pay by Bank be used or?
Pay by Bank is a great way for many Australian businesses to use. Types of industries currently now using Pay by Bank with PayID and PayTo include:
- Travel
- Utilities
- Telcos
- Retail
- Financial Services (lenders, remitters, FX, payroll)
Embracing the Future of Payments
Azupay’s integration of Pay by Bank, PayID, and PayTo signifies a pivotal step forward in the evolution of digital payments. This innovative approach meets the growing demand for seamless transactions and sets new benchmarks in security and user experience. Azupay is dedicated to innovating and reshaping the payment landscape, as Australian consumers increasingly favour mobile-first solutions.
Join Azupay in Transforming Your Payments Experience
Are you ready to simplify your payment processes and enhance customer satisfaction? Explore the possibilities with Azupay’s Pay by Bank solution. Whether you’re a retailer looking to streamline checkout experiences or a service provider improving transaction efficiency, Azupay offers tailored solutions to meet your needs.
For nearly five years, we’ve dedicated exclusively on Australian Real Time Payments, serving diverse industries and businesses of all sizes. Overtime, we’ve consistently evolved our products and solutions to maximise economic benefits and improve experiences for merchants and consumers. Our strategy includes leveraging pre-built applications, APIs, and dedicated implementation support to enable Pay by Bank rollout for customers in a fast, effective and efficient way.
Contact Azupay today. Learn more about Pay by Bank solutions to enable real-time payments benefits, now available as part of the ongoing growth and evolution of Australia’s New Payments Platform.
