The New Zealand arm of Australian bank Westpac is working to deliver a faster and easier online payment service, which the bank plans to call “Direct From Account”.
As the name implies, the Direct From Account service will give payment options to customers who either lack a payment card or prefer to not use a credit or debit card online. This will help extend online merchant’s reach to customers, who until now, can’t or won’t buy goods or services online.
Westpac will initially be partnering with DPS Payment Express (Payment Express) to deliver the upcoming service which is planned to be released this coming September. Payments will be debited directly from a user’s Westpac account. The entire payment process was not disclosed by Westpac; nevertheless we predict it to work as any other alternative payment option with a username and password/pin to verify and complete the transaction.
Once the Direct From Account payment is completed and confirmed, the merchant will be able to issue an electronic receipt to the user’s linked email account. The process will eliminate the need to manually reconcile payments from the bank accounts prior to shipping and providing goods and services.
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Merchant already using Payment Express will not be confronted with any development effort or integration costs.
Conventional banks are slowly losing traction against online and alternative payment methods like PayPal, Dwolla, and Alipay. Westpac is attempting to lead the pack of conventional banking intitutions and recently unveiled plans for biometric bank payments off of Samsung’s galaxy S5 device.