Volt introduces PayTo payments in Australia

With its one-click payment feature integrated with PayTo, an instant digital payment system from the New Payments Platform, Volt focuses on enabling businesses to initiate real-time payments from their customers’ bank accounts. After implementing Volt at checkout, merchants can allow customers to select PayTo as their preferred payment method, enter their PayID, and set a secure PIN and optional payment limit for the specific business. The provided data is securely saved after the agreement is approved in the user’s banking app, with them being able to conduct instant one-click payments with that merchant in the future.

Furthermore, Volt’s move follows Australia’s FCA report which underlined a 46% increase in scam-related complaints in the past financial year, with existing payment platforms being under scrutiny. As PayTo focuses on delivering improved security, the company’s merchants are set to receive the ability to accept payments instantly and minimise the risk of fraud associated with other online transactions. According to Volt’s officials, since the company entered the Australian market, its team has been working on finding new methods to add value to this region. Volt intended to build on its ability to merge improved payment experiences with the capabilities of real-time payment technology. Through its one-click payments, the company intends to provide Australian consumers with access to a simplified, convenient, and efficient payment process at checkout, while also merchants can obtain faster settlement times whilst mitigating risk and fraud.

Via its payment network, Volt aims to unite domestic account-to-account schemes to a single interoperable standard, allowing businesses to leverage it to accept real-time payments, initiate payouts, and manage funds. With its operations based in the UK, the company currently enables payments in 31 markets across its home country, the EU, Brazil, and Australia.

Prior to the current announcement, Volt obtained an Electronic Money Institution (EMI) licence from the Financial Conduct Authority (FCA) in the UK. Supporting the company in developing its cash management product, Connect, the licence allows Volt to issue virtual accounts to merchants, while also facilitating account-to-account payments from their customers. Merchants were enabled to receive real-time payment confirmation, thus getting improved visibility and control throughout the payment process.