Volt announces its expansion into Australia

The UK-based fintech company, which previously secured USD 60 million in funding, has been steadily increasing its global presence, having already established itself in the UK, Europe, and South America (specifically Brazil) in 2021. With a network encompassing over 5,000 banks, the move into Australia marks a significant development for Volt and the broader account-to-account (A2A) payments sector. 

In Australia, where real-time payments are still in the early stages of adoption compared to the prevalence of debit and credit cards, Volt's gateway will integrate with PayTo, which is an Australian digital payment platform. PayTo allows users to authorise and manage payments directly from their bank accounts. The country's appetite for innovative payment methods was analyzed in a Cognizant report that ranked Australia as the second-leading market in adopting new payment technologies globally, following China.

Integrating with local companies

Megatix, a ticketing platform in Australia, became the first local merchant to integrate Volt's technology. Megatix operates a self-service ticketing platform and generally collaborates with major events and venues in Australia according to the official press release. With Volt's real-time payment capabilities, Megatix customers can now choose 'Instant Bank Transfer' as a payment option at checkout. This move allows vendors to bypass expensive credit card fees and also provides customers with a more secure, fast, and seamless payment alternative. In essence, the adoption of real-time payments is expected to enhance cash flow and business efficiency for Megatix and its vendors. 

In response to this expansion, representatives from Volt expressed enthusiasm about introducing their technology to the Australian market, emphasising the company's goal to improve the payments sector. The move to Australia is viewed as transformative for the payments landscape, akin to the company's impact in Brazil. 

Megatix officials highlighted the strategic partnership with Volt and talked about the importance of Volt's real-time payment capabilities in creating a streamlined checkout experience for customers. The use of Open Banking and Volt's technology aims to address historical pain points in the payment process, such as costly chargebacks associated with transactions. 

Looking ahead, Volt plans to establish a physical presence in Australia and make significant hires to manage and expand its operations in the region. 

For more information about Volt, please check out their detailed profile in our dedicated, industry-specific Company Database.