New payment solution enables customers to complete one-click payments after setting up a PayTo agreement with their chosen merchant
Volt, the global real-time payments platform, announces the launch of its secure, PayTo based, one-click payment solution for its retail customers in Australia. In addition to simplifying the payments experience for customers and eliminating credit card surcharges, this next-generation online digital payment solution allows retailers to receive payments instantly.
Volt’s new one-click payment feature integrates with PayTo, the instant digital payment system from the New Payments Platform that enables businesses to initiate real-time payments from their customers’ bank accounts. Once a merchant has integrated Volt at checkout, customers simply select PayTo as their preferred payment method, enter their PayID, and then set a secure PIN and optional payment limit for that specific merchant. Once the agreement is approved in the user’s banking app, information will be securely saved, enabling instant one-click payments with that merchant in the future.
Volt’s one-click payment solution launches at a time where existing payment platforms within Australia are under scrutiny, with Australia’s FCA reporting a 46% increase in scam-related complaints over the past financial year. Since PayTo offers greater security than most other payment options, Volt’s merchants can now accept payments instantly, as well as reduce the risk of fraud associated with other online transactions.
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Jordan Lawrence, Co-founder and Chief Growth Officer at Volt, comments: “Australian merchants have high expectations and have shown strong commitment to innovation. Since our expansion into Australia, Volt’s team has been focused on finding new ways to add value to this dynamic market. We wanted to build on our ability to combine beautiful payment experiences with the power of real-time payment technology. Volt’s one-click payments are an example of a solution that benefits all parties: offering Australian consumers access to smoother, easier, faster payments at checkout, while sophisticated Australian merchants can enjoy faster settlement times whilst eliminating risk and fraud.”
Volt is building the global infrastructure for real-time payments. Our payment network is the first to unite domestic account-to-account schemes to a single interoperable standard. Scaling and enterprise businesses use it to accept real-time payments, initiate payouts and manage funds. Volt is headquartered in London, has offices in Berlin, Warsaw, Kraków, Sydney and São Paulo, and enables payments in 31 markets across the UK, the EU, Brazil and Australia.
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