In a major development, fintech company Volt has announced its expansion into the Australian market with its real-time payments platform. The company successfully secured $60 million in a Series B funding round, enabling it to bring its innovative payment solutions to consumers and businesses in Australia. Partnering with Australian digital payment platform PayTo, Volt aims to offer secure, fast, and seamless payment options to meet the growing demands of the market.
Background
Australia has been witnessing a rapid growth in its appetite for innovative payment methods. Recognizing this trend, Volt chose to expand its operations into Australia, establishing a strong presence in the country. Prior to this expansion, Volt had already made significant strides in establishing its global footprint. In 2019, the company launched its services across the UK and Europe, and just recently, in 2021, it entered the South American market through Brazil.
Integration with PayTo
One of the key milestones in Volt’s expansion into Australia is its partnership with PayTo, an Australian digital payment platform. This collaboration allows Volt to integrate its gateway with PayTo, enabling consumers to authorize and control payments directly from their bank accounts. The first Australian merchant to take advantage of Volt’s technology is Megatix Events, a popular events management company. By integrating Volt’s innovative payment solutions, Megatix Events is set to significantly improve its payment efficiency, providing a seamless experience for its customers.
Australia’s adoption of new payment technology
Australia has emerged as a frontrunner in the adoption of new payment technology. A recent report from Cognizant revealed that Australia ranks as the second-leading market in the adoption of innovative payment methods. This highlights the country’s strong inclination towards embracing new and convenient payment options. With Volt’s entry into the Australian market, it aligns perfectly with the country’s growing appetite for advanced payment solutions.
Outlook for open banking payments
According to a report from Juniper Research, the value of open banking payments is projected to reach an astonishing $330 billion globally by 2027. This forecast emphasizes the tremendous growth potential of the open banking sector and highlights the role that Volt’s real-time payments platform can play in driving this growth. With its cutting-edge technology and seamless integration capabilities, Volt is well positioned to capitalize on the open banking revolution and bring unprecedented convenience to the payments industry.
Volt’s solutions for the payments sector
At the core of Volt’s mission is the goal to revolutionize the payments sector and create a solution that not only benefits merchants but also their customers. By leveraging open banking and Volt’s advanced technology, the payment process can be drastically improved. One significant pain point for vendors has been the issue of costly chargebacks associated with payments. However, with Volt’s technology, this problem can be eliminated, leading to a more efficient and cost-effective payment ecosystem.
Volt’s expansion into the Australian market marks a significant milestone for the company and the account-to-account (A2A) payments industry. With the successful integration of its real-time payments platform with PayTo, Volt is well-positioned to meet the growing demand for innovative and efficient payment solutions in Australia. Additionally, Australia’s strong adoption of new payments technology, as highlighted by Cognizant’s report, further substantiates the potential for Volt’s success in the country. Looking ahead, as the global trend towards open banking gains momentum, Volt’s technology will play a pivotal role in shaping the future of the payments sector, driving convenience, efficiency, and security for both merchants and customers alike.