Leading account-to-account payment platform, Zepto has been selected by Woolworths Group’s Wpay to power its PayTo solution via the New Payments Platform (NPP).
Developed by NPP Australia, PayTo enables merchants and businesses to initiate real-time payments from customers’ bank accounts. Zepto and Wpay will work together to deliver PayTo to Woolworths and partners and help drive consumer adoption of the new payment method.
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 enhancing protection against fraud.
Wpay managing director, Paul Monnington said, “At Wpay we continue 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.
“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.
“Wpay has grown significantly as an omni-channel provider and facilitates more than 1.2 billion transactions per year. Partnering with Zepto, allows us to complement our offering and provide a superior payment experience for our customers.”
Wpay will leverage Zepto’s unique position as the first non-ADI (authorised deposit-taking institution) approved to connect directly to Australia’s real-time payments system, the NPP, as a ‘Connected Institution’. This will enable real-time payment validation and processing and immediate fund availability for users of the WPay platform.
Zepto CEO and co-founder, Chris Jewell added, “We are 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 mitigating the risks of missed payments and fraud. It’s an incredible milestone in Wpay’s journey and we couldn’t be more excited to be supporting this.
“Zepto is laser focused on opening access to Australia’s payments infrastructure, and it’s our vision to usher in this new era of financial technology infrastructure to drive innovation and accessibility in the payments sector. We believe Zepto’s direct connection to Australia’s real-time payments system for PayTo is our customers’ connection to a better way to pay.”