Volt unveils a new 'PayTo' option for Shopify consumers in Australia
Volt Partners with Shopify to Introduce 'PayTo' One-Click Checkout in Australia
Volt, a leading real-time payments platform, has expanded its partnership with Shopify into the Australian market. The partnership will enable Shopify merchants to offer the 'PayTo' payment method, providing a seamless, quick, and secure checkout experience for Australian consumers.
With 'PayTo', consumers can make direct bank-to-bank payments, which are typically faster and cheaper than card payments. This partnership is expected to reduce transaction fees for merchants and increase payment speed, thereby improving user experience and potentially reducing cart abandonment rates.
The integration of 'PayTo' also brings enhanced security. Leveraging open banking frameworks, 'PayTo' offers stronger consumer protections compared to traditional payment methods, thus reducing fraud risk and enhancing trust for shoppers.
The partnership between Volt and Shopify could have far-reaching implications for the Australian payments landscape. By supporting the broader adoption of real-time, open banking–based payments, the partnership could potentially reduce reliance on card networks and lower overall payment ecosystem costs for merchants.
Kristofer Rogers, the Senior Vice President for Australia & New Zealand at Volt, expressed his excitement about making 'PayTo' available to ecommerce merchants using Shopify in Australia. He stated that this partnership encapsulates the value Volt brings to Australia's payments ecosystem.
In addition to its partnership with Shopify, Volt has also partnered with Pay.com, making its 'Instant Bank Transfer' solution available to Pay.com's merchants. Volt is the only real-time payments provider in Australia to offer merchants access to similar domestic networks in more than 30 markets, via a single integration.
Volt has combined the speed of settlements and low costs of 'PayTo' with an almost completely frictionless payments experience. Any future purchases with the same merchant are automatically pre-authorised with Volt's "one-click checkout". This allows consumers to set up a payment agreement with merchants during their first purchase, simplifying the checkout process even further.
This strategic move by Volt is expected to accelerate the adoption of open banking payments in Australia, benefiting both merchants and consumers while promoting innovation in the local payments market.
References:
[1] Volt Partners with Shopify to Offer 'PayTo' in Australia. (n.d.). Retrieved from https://www.volt.com/news/volt-partners-with-shopify-to-offer-payto-in-australia/
[2] The Benefits of Real-Time Payments for Merchants and Consumers. (n.d.). Retrieved from https://www.volt.com/resources/the-benefits-of-real-time-payments-for-merchants-and-consumers/
- The expansion of Volt's partnership with Shopify into the Australian market will introduce 'PayTo', an open banking-based payment method, to Shopify merchants, enabling faster and cheaper direct bank-to-bank payments.
- The integration of 'PayTo' in the Australian payments landscape could potentially reduce reliance on card networks, lower overall payment ecosystem costs for merchants, and increase payment speed, thereby improving user experience.
- Volt has combined the speed of settlemenst and low costs of 'PayTo' with an almost completely frictionless payments experience, offering consumers the "one-click checkout" option for future purchases with the same merchant.
- By promoting the adoption of real-time, open banking–based payments, this partnership between Volt and Shopify is expected to benefit both merchants and consumers while promoting innovation in the local payments market on a global scale.
