Bonza selects Monoova to launch PayTo

PayTo intends to enable fee-free transactions for ticket purchases and reduce the risk of fraud and chargeback. Moreover, it allows customers to not share any bank login details and provides real-time notifications and immediate receipt of cleared and settled funds. Also, PayTo aims to reduce the risk of fraud and chargebacks by requiring payments to be authorised through the customer’s online bank before a first payment is conducted. The agreements can be once-off or recurring, with the latter enabling subscription billing and repeat ad-hoc purchases. After authorisation, funds get transferred to the business accounts almost instantly, accelerating the cash flow by up to five days, in comparison to traditional A2A payments. Both consumers and merchants receive instant acknowledgment and settlement of cleared funds when ticket items are large, with the funds being cleared to reduce uncertainty over the success of the transaction and improve cash flow.

According to Monoova, Bonza’s move towards integrating PayTo is projected to be one of the many in the aviation industry, with corporate Australia considering the possible benefits of PayTo over traditional payment methods. Representatives from the company stated that the travel sector implementing real-time debit represents a significant moment in the evolution of payments in Australia. Monoova expects other industries to emulate this, with PayTo becoming the preferred payment method for an array of online transactions. In addition to providing speed and convenience for businesses, PayTo also increases security and improves the customer experience, decreasing vulnerability to fraud and safeguarding users’ financial well-being. The payment option allows for no sensitive credit card information to be shared, while also offering businesses transaction tracking and financial transparency.

Representatives from Bonza stated their enthusiasm over the partnership with Monoova considering that the airline company continues to focus on technology to enhance efficiency and support airfares in becoming more affordable for Australian travellers.

As a B2B digital payments provider, Monoova is one of the first companies to offer PayTo, a real-time direct debit alternative, and supports businesses with large, ongoing transaction flows in managing their payments automatically via one API integration. Besides PayTo, Monoova offers Direct Debit, BPAY, Direct Entry, NPP, automated reconciliation, and cross-border payments. Recently, Optty, a Singapore-based payments platform, selected Monoova’s API to receive access to Australia’s payment rail, including PayTo, PayID, BPAY, and online card payments. The collaboration with Monoova specifically benefited Optty’s specialisation in servicing industries characterised by high-value purchases due to PayTo’s ability to reduce costs and improve the experience for both customers and merchants.