Pay By Bank is a new method of bank-to-bank fund transfers. It is a simple and easy 2 step checkout process available to anyone with an Australian bank account.
Over the previous decades, the most common payment methods have been cash, cheque or credit and debit cards. The growth of ecommerce has led to credit and debit cards becoming the dominant payment solution at checkout.
To make a payment with a card online, you need to use your payment credentials, which can easily be lost, stolen, copied or misused. In addition, cards for online purchases can be substantially less convenient as credentials expire and card details need to be stored or remembered.
Pay By Bank is underpinned by solid bank authentication methods and biometric authentication (e.g. FaceID and TouchID). As Waave is an accredited intermediary of Australia's Consumer Data Right (CDR), we are held to extremely stringent standards around data sharing. Pay by Bank is therefore a more regulated and secure payment method compared to traditional cards.