Volt introduces one-click PayTo payment solution in Australia

25 Apr 2024

Global real-time payments platform Volt has launched a secure, PayTo-based, one-click payment solution for its retail customers in Australia.

This new feature not only simplifies the payments experience, but also eliminates credit card surcharges and allows retailers to receive payments instantly.

The one-click payment feature integrates with PayTo, which is Australia’s instant digital payment system from the New Payments Platform. PayTo enables businesses to initiate real-time payments from their customers’ bank accounts.

When a merchant integrates Volt at checkout, customers can select PayTo as their preferred payment method, enter their PayID, and set a secure PIN and optional payment limit for a specific merchant.

Once the agreement is approved in the user’s banking app, the information is securely saved, enabling instant one-click payments with that merchant in the future.

The Australian Financial Complaints Authority recently reported a 46% increase in scam-related complaints over the past financial year, which has placed payments platforms under scrutiny, according to Volt.

Volt entered the Australian market in November 2023, following a $60 million Series B fundraise earlier in the year.

Jordan Lawrence, Volt’s co-founder and chief growth officer, said: “Since our expansion into Australia, Volt’s team has been focused on finding new ways to add value to this dynamic market. We wanted to build on our ability to combine beautiful payment experiences with the power of real-time payment technology.

“Volt’s one-click payments are an example of a solution that benefits all parties: offering Australian consumers access to smoother, easier, faster payments at checkout, while sophisticated Australian merchants can enjoy faster settlement times whilst eliminating risk and fraud.”