Banked taps Australia’s ‘Pay by Bank’ market with acquisition of Waave

By Gloria Mathias

Banked, a global Pay by Bank provider, has announced its acquisition of Australian payment technology firm Waave in a landmark deal set to put the spotlight on the continued global adoption of real-time account-to-account payments.

This acquisition positions Banked in Australia’s Pay by Bank market and establishes a partnership with Chemist Warehouse, one of Australia’s largest retailers, to deliver a Pay by Bank experience.

The deal follows Banked’s recent entry into the Australian market in partnership with NAB. The pair team up to deliver an innovative Pay by Bank solution and accelerate the adoption of account-to-account payments for Australian merchants.

With Pay by Bank gaining traction globally, Banked is seizing the opportunity to bring its advanced payment technology and consumer insights to the Australian market. Australia is a crucial market for business, and Banked is working with banks and merchants to build the Pay by Bank solution for local businesses and consumers.

The work Chemist Warehouse and Waave have been doing to develop a low-cost, secure, and engaging consumer experience for Pay by Bank was considered a critical factor in the acquisition strategy. The timing of this deal is aligned with merchants’ growing demand for reduced payment fees and the global shift toward real-time payments.

Brad Goodall, CEO of Banked, said, “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. By acquiring Waave’s Pay by Bank solution and integrating its product’s strengths with our product, we’ll gain access to the great brands already benefiting from their innovative payment technology. We’re excited to welcome Waave to the Banked group and continue driving the adoption of real-time payment solutions across Australia and beyond.”

Ben Zyl, CEO and Co-founder of Waave, shared, “This is a milestone moment for Pay by Bank in Australia. We share Banked’s commitment to bringing payments out of the dark ages and creating a globally accessible payments network that is good for everybody. We are immensely proud of what our team has built and look forward to becoming an expanded team alongside Banked to lead payments innovation in this country.”