Leader in Open Banking payment technology, Waave is committed to providing full continuity to merchants affected by Australia Post’s decision to close POLi.

Waave has entered a partnership with Merco, which assumed ownership of POLi in October, to offer its Pay by Bank fee-free debit option as a checkout alternative. Australian merchants can use their existing POLi integration and substitute the payment method for Pay by Bank, eliminating the need to integrate with an alternative service.

Waave has built the first Open Banking powered payment method in Australia which reduces payment costs for merchants, is accepted by all Australian banks, and provides greater security through Waave’s Consumer Data Right accreditation. For consumers, Pay by Bank is a seamless, secure and surcharge-free alternative payment method to traditional cards, requiring no third party, and no entering or sharing of card details. 

Under the agreement, merchants who already have POLi integrated will simply need to change the logo. For consumers, those who have previously used POLi at participating merchants can automatically access Pay by Bank.

Waave co-founder and CEO, Ben Zyl said, “We are excited to be working alongside Merco to guarantee a seamless transition for merchants. While we are using the POLi integration and the debit premise is the same, Waave uses Open Banking, which offers consumers increased security under the ACCC’s Consumer Data Right.

“We are ensuring merchants can meet their debit option obligations without any hassle, while also offering their customers a seamless and safe payment experience. It’s a win-win for all parties.”

Merco Limited director, Jeff Skidmore added, “We are delighted to be working with Waave to provide POLi merchants in Australia an easy pathway to offer their customers a convenient and secure alternative to POLi.”