Waave notes that with millions of Australians impacted by cyber breaches over the past year, particularly in the retail space, ”issues such as password security and saved payment details are becoming increasingly problematic for merchants and consumers looking to protect themselves”.

“Waave’s Pay by Bank was launched in early 2023 out of frustration with the outdatedand costly payment systems that stem from card dominance. Businesses across Australia are collectively paying close to $3 billion in merchant fees, and often these are passed onto consumers as surcharges or higher prices for goods and services.

“Waave’s Pay by Bank is Australia’s first account-to-account payment method powered by Open Banking and the New Payments Platform (NPP) to give consumers a free, secure and instant payment experience that bypasses clunky, expensive and risky card payments – all at a fraction of the cost to the merchant.

“In addition to existing Open Banking security that includes strict industry data-sharing protocols, users to Waave now sign up to the Wallet (via web) upon first use. Within this, Waave has built a multi-factor authentication layer using the latest in biometric technology for the web. It allows customers to leverage their device fingerprint or Face ID to authenticate themselves before authorising the payment from their bank account. This level of authentication reduces the risk of fraud and transaction disputes while maintaining a frictionless customer experience.”

“Users of Pay by Bank simply create their Waave Wallet, connect to their desired bank on first use and register their biometrics. Next time they go to pay for something, it will be as simple as scanning their face or fingerprint and then authorising the payment from their account - no entering names, passwords or card numbers, and with far greater security,” said Ben Zyl, Waave co-founder and CEO.

Waave says that later this year, users of Pay by Bank will also gain access within the Wallet to its revamped Insights tool (formerly Wendi), giving them the ability to track their expenses in one place.

The Wallet announcement also coincides with Waave receiving the Canstar Innovation Excellence Award for 2024, “one of only six businesses in the financial services sector to be recognised for its leading technology and disruptive value proposition”.

“Our mission with Pay by Bank is to eliminate card fees, greatly reduce the likelihood of payment fraud, and give consumers confidence in every transaction. Ultimately Waave’s goal is to become the vehicle for financial empowerment in the digital world,” Zyl concluded.