Global real-time payments platform, Volt, is to launch in Australia following a period of sustained growth for the fintech.
The UK-headquartered fintech is not to be confused with Australian neobank, Volt. The digital lender folded last June after failing to raise additional capital.
By contrast, the UK-headquartered Volt successfully raised $60m in a funding round earlier this year.
Having already established itself across the UK and Europe, Volt entered the South American market via Brazil in 2021. Volt says that the Australian launch represents a significant milestone for the company and the account-to-account (A2A) payments sector. Volt’s gateway will be integrated with PayTo, the Australian digital payment platform that enables consumers to authorise and control payments directly from their bank account.
The adoption of real-time payments in Australia is still relatively new. Debit and credit cards continue to dominate the payment landscape. But Volt says that there is an appetite for new and innovative payment methods. A report from Cognizant found that Australia is the second leading market in the adoption of new payments technology following China.
The Australian payments market is however not one without its challenges. This year alone, Till Payments was sold for a knockdown price to Nuvei. The BNPL sector in particular, has endured a catastrophic year. Affirm exited Australia, Marqeta shuttered in the region, Openpay failed, Laybuy delisted as did Payright and Zebit. Latitude has exited BNPL and IOUpay failed.
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Volt partners with Megatix
The first merchant in Australia to integrate Volt’s technology is Megatix, one of the country’s fastest growing ticketing platforms. The self-service ticketing platform is well established in the market and partners with some of Australia’s most high profile events and venues.
Tom Greenwood, Founder and CEO of Volt, said: “I am incredibly excited to finally introduce our technology to the Australian market and begin our journey into the APAC region. Our goal at Volt is to revolutionise the payments sector and create a solution that significantly benefits not only merchants who use our technology but their customers as well. Australia is fast becoming a key market for many global businesses. As with Brazil when we launched there, our introduction into this fast-growing market will be transformative to the payments space.”
Open banking + Volt technology
Roshan Odhavji, CEO of Megatix, added: “Our goal is to be at the forefront when it comes to creating an innovative ticketing platform. We have found the perfect payment technology partner in Volt to do just that. With Volt’s industry leading real-time payment capabilities, we’re now able to offer our customers a slick checkout experience, the first in the market to do so. Thanks to open banking and Volt’s technology, we’re able to improve the payments process immeasurably for our customers.
Volt will also be establishing a physical presence in Australia. It says that it will make a number of significant hires to manage and grow the Australian market.