Australian payments firm Azupay has unveiled a real-time payment option called PayID powered by Azupay, on Australia’s New Payments Platform (NPP), which will integrate with Xero.
This new solution will enable small businesses on the Xero platform to display a PayID on their invoices and receive payment under seconds.
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They will receive an invoice generated in the Xero mobile app, which can be shared with the customer.
PayID powered by Azupay also features a matching QR Code, enabling the customer to scan and make payment instantly via mobile device.
In addition, the automatic invoice matching in Xero and straight-through reconciliation helps businesses to cut down the administration costs.
Azupay CEO John Murphy said: “PayID Powered by Azupay marks a turning point in B2B and B2C payments in Australia. Australian businesses can use PayID powered by Azupay to help accelerate cash flow and at the same time reduce their payment processing costs.”
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By GlobalDataLeveraging NPP, Azupay allows these businesses to accept payments without requiring their customers to enter card details, BSB and account numbers or a separate password to make payments.
The company claims that PayID powered by Azupay is the first example of the NPP being used as part of a large-scale accounting solution.
Xero APAC director of partnerships Ian Boyd said: “We’re excited to see the first integration with Xero and the NPP through Azupay, which will enable better outcomes for small businesses through a fast, secure, and simple payment method.”
NPP Australia head of Engagement Katrina Stuart said: “It’s great seeing the capabilities of the New Payments Platform, in particular PayID, being used to enable businesses to get paid in real-time, particularly during these more challenging times.”
In December last year, digital payment solutions provider AsiaPay partnered with Azupay to facilitate real-time payments in Australia.
