Volt, the UK-based real-time payments platform, has announced its launch in Australia. This marks the company's continued global expansion following its $60 million Series B funding round earlier this year.
UK Payments Startup Volt Expands to Australia
Volt has enabled real-time bank transfers between consumers and merchants. It already operates in the UK, Europe, and Brazil. With over 5,000 banks integrated into its network, Australia represents a significant new market entry for Volt and the real-time payments industry overall.
In Australia, Volt will partner with PayTo, a digital wallet provider, to bring account-to-account payments to consumers. Real-time payments are still relatively new in Australia compared to debit and credit cards. However, reports show growing consumer demand for faster payment options through open banking.
"I am excited to finally introduce our technology to the Australian market and begin our journey into the APAC region,” Tom Greenwood, the CEO of Volt, commented.
Megatix, an Australian ticketing platform, will be the first merchant to implement Volt's technology. It will allow customers to select "Instant Bank Transfer" at checkout. This gives buyers a faster, more secure payment method while helping Megatix avoid credit card fees.
The CEO of Megatix, Roshan Odhavji, added that Volt's real-time capabilities "will be transformative to the payments space."
To support the Australia launch, Volt plans to establish a local office and make new hires in the country soon. Recently, the company announced that Matt Komorowski joined Volt as the new CRO.
Australia Adopts New Payments Technology
A current study by Cognizant has placed Australia as a frontrunner in embracing novel payment technologies, ranking just behind China. Meanwhile, Juniper Research forecasts that the global value of open banking payments will hit $330 billion by 2027.
“Australia trails only China as a leading market in new payments technology and adoption. While NPP is driving the new payment rails for open banking, companies like Afterpay have emerged outside these rails, showing customers are eager to adopt innovative financial products that deliver utility and convenience,” the report commented.
