In a strategic move to strengthen its presence in Australia’s pay-by-bank sector, Banked has acquired Waave, a leading Australian payment technology firm. This acquisition not only enhances Banked’s capabilities in the real-time payments market but also brings new opportunities for collaboration with local retailers, notably Chemist Warehouse. The acquisition is part of Banked’s broader efforts to expand its footprint globally. With the growing demand for digital payment solutions, this acquisition signifies a pivotal moment for Banked in establishing a stronger foothold in the competitive Australian market.
Previously, Banked had formed a partnership with National Australia Bank, highlighting its interest in the Australian market. The recent acquisition of Waave further solidifies its commitment to expanding its services and reaching more customers. Historically, the pay-by-bank system has been gaining prominence, with giants like Walmart also adopting similar solutions. Such developments suggest a shift towards more streamlined and efficient payment methods, indicating a promising future for digital banking.”
What does the acquisition entail?
The acquisition of Waave marks a significant step for Banked as it seeks to integrate Waave’s advanced Pay by Bank technology into its own offerings. This strategic move allows Banked to leverage Waave’s existing relationships and its established technology to serve a broader customer base. Furthermore, the collaboration with Chemist Warehouse opens up new retail opportunities, potentially enhancing the transaction experience for consumers through seamless digital payment options.
How does this position Banked in the global market?
By expanding its reach in Australia, Banked is positioning itself as a formidable player in the global real-time payments space. The acquisition allows Banked to offer enhanced services and greater value to its existing and prospective clients. With the demand for pay-by-bank solutions rising, Banked’s strategic investments could pave the way for its growth in other markets, alongside strengthening its existing partnerships.
Banked’s CEO, Brad Goodall, expressed optimism about the acquisition, stating,
“Acquiring Waave is a major step forward in our mission to expand our global payments network. Australia is a key market for us, and Waave’s technology and market presence align perfectly with our vision.”
This move aligns with the company’s goal of becoming a leader in the pay-by-bank sector, by offering innovative solutions to consumers and businesses alike.
The broader implications of this acquisition hint at the growing trend towards digital payments, where consumers increasingly prefer direct payment methods due to their convenience and efficiency. As Banked and other companies continue to innovate, the landscape of digital payments is likely to evolve, offering more options and benefits to users. The market potential for pay-by-bank solutions seems promising as more businesses and consumers embrace these advanced technologies.
