Leader in Open Banking payment technology, Waave and payments solution provider, Quest Payment Systems, together with Chemist Warehouse, have introduced a first-of-its-kind Open Banking checkout option across Chemist Warehouse’s 500 stores.

Waave’s Pay by Bank is the first Open Banking powered payment method in Australia that allows customers to pay directly from their bank account in real-time. Pay by Bank by-passes payments schemes fees, reducing payment costs for merchants.

It’s accepted by all Australian banks and provides greater security through Waave’s Consumer Data Right accreditation governed by the ACCC. For consumers, Pay by Bank is a secure and surcharge-free alternative payment method to traditional cards, requiring no third party, and no entering or sharing of card details. Pay by Bank has already been introduced by various retailers online including Barbeques Galore. 

Quest, the payment solutions and terminal provider for Chemist Warehouse stores, has joined forces with Waave to introduce the Pay by Bank solution as a QR-code scan alternative at the checkout, in addition to an online checkout option. The QR option means shoppers simply scan the code on the terminal and authorise the payment. They do not require a physical bank card, a specific app, or a digital wallet on their device. The Pay by Bank wallet can hold multiple bank accounts and shows the bank balance in real-time before authorising the purchase.

Waave co-founder and CEO, Ben Zyl said, “This is a big moment for Open Banking in Australia. To see an option at the terminal that directly connects to your bank and doesn’t come with any of the additional fees and risks of cards is the beginning of a payment revolution. We are excited to see the first multi-channel Pay by Bank experience, and to be doing it with one of the country’s most successful retailers is a huge milestone.”

Chemist Warehouse founder, Jack Gance said, “Digital payments now make up most customer transactions. We’re a low margin business, so that comes with significant costs. We’re honoured to be working with Quest to become the first company to introduce Waave’s Pay by Bank as a multi-channel checkout option.

“Their proposition of low fee with no scheme fee and no bank fee is huge. It’s bringing necessary competition to the market. They also offer a fair go to customers and an excellent payment journey. We look forward to introducing it to our customers.”

Quest CEO Jan Mason commented, “We’re proud to support our customer, Chemist Warehouse, and its continuous innovation to enabling its customers to pay the way they want. We are pleased to work with Waave on this Australian first initiative to give customers a new and exciting way to pay.

“Our collaboration with Waave uses Chemist Warehouse’s existing payment terminal and doesn’t require any change to the Point-of-Sale integration. We look forward to supporting Chemist Warehouse as Waave Pay by Bank is rolled out across the Chemist Warehouse’s store network and delivering more customer choice and competition in payments.”