Waave launches Wendi

According to a recent study conducted by Waave, 34% of consumers confirmed that they find it difficult to manage their subscriptions and direct debits, with 80% of them stating that they would use a tool that allows them to view all subscriptions in one place. Moreover, approximately 31% of Australians experience psychological stress directly related to Buy Now Pay Later (BNPL) debt.

Wendi has been developed as a solution to these issues, with a signing-up process that starts with the selection of the user’s bank and relevant account. Wendi then displays a list of all subscription expenses, including digital subscriptions, insurance, professional membership, storage, club associations, health, and fitness clubs.

The tool uses bank-grade security technology that is covered by the Australian Competition and Consumer Commission (ACCC). Waave encrypts all data using security standards such as TLS v1.2, with its systems being regularly tested and audited.

Signing up with Wendi automatically enables users to access Pay By Bank at available merchants. Waave plans to expand Wendi’s features in the future and introduce other spending categories, including BNPL, gig economy spending, and bills. 

Waave is a B2B and B2C payment ecosystem that leverages Open Banking data, aiming to improve the payment experience and create positive change for both businesses and consumers.

Pay By Bank, Waave’s main solution, is a seamless and secure alternative payment method to traditional cards. The product allows customers to pay instantly, directly, and securely via their bank. Customers who visit accepting merchants need to select Pay By Bank as an option, then follow the secure link to authorise the payments. Once approved, the funds are transferred directly from the user’s bank account to the merchant’s account.

Waave’s payment method does not require any credit card details or personal financial information to be shared with the merchant. Also, customers can also use Pay By Bank through a payment link shared via QR code or SMS using the fintech’s Get Paid product. Whilst Pay By Bank is passwordless, the solutions integrated bank authentication methods, including Face ID and Touch ID, aiming to reduce fraudulent activities.

Currently, Waave is introducing Pay By Bank nationally both online and in-store, where it integrated with Shopify and other major ecommerce platforms.