Amazon and NAB want to speed up payment by bank account

The National Australia Bank (NAB) recently formalized its partnership with the Amazon e-commerce giant. Their rapprochement aims to offer the customers of amazon.com.au, the payment service called PayTo, an initiative of Australian Payments Plus, operator of Australia's real-time payment infrastructure. The aim of this "Pay by Bank" offer is to disrupt the map and allow the NAB to become an actor in the democratization of this type of offer.

FACTS

• The NAB is now involved in the democratisation of PayTo in partnership with the Australian Amazon site. Customers of the bank and e-commerce giant will now be able to pay for their online purchases on the platform via their NAB online banking application.

• This Pay by Bank PayTo solution is presented as a simple, secure and fast way to make your purchases without the card.

• To access the service, NAB customers will simply have to approve PayTo as an online bank payment method. They can then initiate one-time or recurring payments directly from their bank account, with one click.

ISSUES

• Improve Online Payment: PayTo is a solution that allows customers purchasing on Amazon not to have to inform their credit card details and to pay more easily and securely. On the sellers' side, PayTo is also presented as a solution that can reduce the costs of their business by allowing cash flow directly, while helping to mitigate the risk of fraud.

• Weighing on the current revolutions : The NAB took advantage of the beginning of the year to clarify its ambitions to secure access to its banking services with the deployment from its PassKeys solution. She then sought to participate in the democratisation of the Passkeys, which had been carried out so far thanks mainly to the mobilization of American chemes. Today, therefore, it also wishes to support the adoption of payment by bank account.

PERSPECTIVE

• As a reminder, "Pay by Bank" is a payment method that allows consumers to make purchases directly from their bank account, without using credit or debit cards. In Australia in particular, PayTo is currently available for 95% of all bank account holders in Australia.

• At the global level, the adoption of the "Pay by Bank" is growing, particularly in Europe. According to study by YouGov and Brite Payments across the UK, the Netherlands, Finland, Spain and Germany, 73% of respondents know Pay by Bank. 36% of 18-29 year olds already use Pay by Bank on a daily or weekly basis, compared with 25% for all age groups.

Traduit automatiquement via Libretranslate / Automatically translated via Libretranslate