Delays in bank readiness prompts slow uptake fears and call for industry to do more, as Zai announces first customer to sign up to PayTo.
Zai, the global financial technology company delivering embedded orchestration solutions, today announced that - for a limited time - new and existing customers signing up to its PayTo solution will pay nothing for the first 12 months*. Zai is the first company in Australia to waive fees for creating PayTo agreements and initiating PayTo payment requests, for customers who sign up to PayTo, and businesses who take advantage of this offer are expected to save thousands of dollars.
PayTo is a new service delivered via Australia’s New Payments Platform (NPP) allowing businesses to initiate requests for real-time payments from their customers’ bank accounts. It is planned to launch across Australia on 30 June, 2022 and Zai is working closely with NPP to deliver a best-in-class solution to support it.
Paul Byrne, CEO of Zai said: “The launch of PayTo is nearly upon us, and should be a game-changer for how Australian businesses manage payments - inviting a wave of innovation from fintechs and financial institutions alike. However, there are concerns around a lack of information and incentive from traditional banks, which could lead to a slow uptake by businesses.
“This is why we are the first company in Australia to offer an incentive for PayTo, allowing new and existing customers to pay nothing for the first 12 months when they sign up.* We are calling on other financial institutions and companies to implement similar offers, to encourage as many companies as possible to sign up to PayTo on day one and ensure the success of this revolutionary new service.”
PayTo ensures payments will be more efficient for businesses and their customers, and Zai will allow businesses to plug seamlessly into the PayTo service, providing their customers with a fast and convenient new way to manage their payments.
Zai has already signed new customers including PayCollective, to embed its PayTo solution. Dubbed Australia’s first SuperApp, PayCollective gives users the simple convenience to access multiple services from top brands across different apps in one place - while enjoying exclusive discounts and rewards.
Robin Hao, CEO and Co-Founder of PayCollective commented: “PayCollective is excited to partner with Zai and implement its PayTo solution so we can offer our members and partners the latest in seamless real time payments. PayCollective’s innovative, community-focused marketplace app is the first of its kind in Australia, so we are delighted to provide an even more enhanced experience when PayTo goes live in the coming weeks.”
Businesses interested in discussing Zai’s PayTo offer should visit our PayTo webpage.
*PayTo fees waived for the first 12 months: this offer is applicable to PayTo validation, creation and initiation agreement, and payment initiation request fees only. The offer does not include PayTo change agreement fees. The 12 months begin upon completion of integration. Merchants eligible for this offer must be integrated to Zai’s PayTo solution before 1 December 2022. The full terms and conditions of this offer will be included in the Platform Service Agreement for eligible merchants. Zai reserve the right to vary the terms of, or withdraw, this offer at any time by posting changes online, or by emailing you, and it is your responsibility to refer to and comply with the most up-to-date terms. Your continued use of the solutions after variations have been made constitutes your acceptance of the terms as varied.