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Frequently asked questions

What does Waave do?

Waave is a platform that offers merchants an alternative payment method alongside cards and other offerings allowing customers to Pay By Bank. We are the lower cost, simple and secure way to make and accept payments in Australia. 

In addition, Waave gives customers more control with a convenient and secure experience whenever they pay. We are currently building out our mobile app to enable our customers to have access to a fast and secure service that gives them more control over their money.

How do I set up Waave for my business?

Merchants can set up Pay By Bank as a payment option in their checkout by contacting us at Waave.


Waave gives businesses flexibility and scalability by integrating with commerce platforms for desktop, mobile, online and in-store. Integration with Waave can be set up within days, not weeks. 


We have plug and play turnkey solutions for Shopify, CommerceTools, Magento, Wordpress/Woo Commerce and more. Check out our developer docs here

What is Pay By Bank?

Pay By Bank provides a direct and secure connection between banks for secure and immediate fund transfers. It’s a new method of direct bank-to-bank fund transfers and is simple and easy for consumers with Waave, it's a secure 2 step checkout.  

Over the previous decades, the most common payment methods have been cash, cheque or credit cards. The growth of ecommerce has led to credit cards becoming the dominant payment solution, although credit cards have many issues in a digital & interconnected with security and convenience being the most significant. 

To make a payment with a credit card online, you only need a small amount of data (such as payment credentials), which can easily be lost, stolen, copied or misused. In addition, credit cards for online purchases can be substantially less convenient as credentials expired and card details need to be stored or remembered. 

Pay By Bank is underpinned by solid bank authentication methods and Face ID & Touch ID (using the Waave App)

How does Pay By Bank work?

The process for Pay By Bank is simple - Select, Connect, Approve.


  1. Select Pay By Bank at checkout. 

As a customer visit the checkout of accepting merchants, they select “Pay By Bank” as an option

  1. Connect your bank account

Follow the simple steps to connect your bank from the list. This will create a secure link to authorise the payment. 

  1. Approve the payment 

Once approved, the funds will be transferred directly from your bank account to the merchant’s account and the checkout will be completed. No credit card details are needed and no personal financial information is shared with the merchant and you will have the opportunity to check your balance as you pay. 

Customers can also Pay By Bank through a payment link shared via QR code or SMS message.

Is Pay By Bank Safe?

Waave is an ACCC accredited data recipient and is regulated by AUSTRAC. This means your data is secured with the highest encryption management systems compliant with all Australian open data regulations.


Whilst Pay By Bank is passwordless, we are underpinned by solid bank authentication methods, including FaceID & TouchID, making it much more difficult for fraud to occur using your information. This is partly why Pay By Bank have some of the lowest fraud rates of any payment method.

Do I need to create an account to Pay By Bank?

On your first payment, Waave will create a Waave account with you, using your mobile number and email address. Waave will then be able to send your confirmation of the transaction or if you need at a later date to access the transaction details.  


For a faster and more secure experience every time, download the Waave app.

Where can I use Pay By Bank?

You can Pay By Bank whenever you see our ‘W’ Pay By Bank or ‘Waave Pay by Bank’ logo at the checkout. We are currently working hard with retailers to launch Pay By Bank at more checkouts over the coming months

How is my data used when I Pay By Bank?

Your banking credentials are never stored with us, that stays between you and your bank. Your personal data is encrypted and remains private. Please see our Privacy Policy for more information.

I don’t recognise a payment that has left my account, what should I do?

If you have concerns about potential fraudulent activity through Waave, contact us via email at support@waave.com.au or submit an enquiry at support.waave.com

How does the Pay by Bank checkout work?

Three steps - Select, Connect, Approve. 

When you select ‘W’ Pay by Bank as your payment method you will be asked to select your bank, you'll then be redirected via secure link to your banking app or online banking to authorise the payment. Once the transaction is authorised, you are redirected back to the checkout page.

How do QR code payments work?

If a QR code is on your invoice as a payment method, just scan the QR code with the camera on your mobile phone. This will take you to a secure page where you can select your bank and approve the payment

What is the pricing for Pay by Bank?

Waave charges a low flat fee of 28c per transaction. Please see the pricing page for details.

Where can I find your API documentation?

You can find our our developer docs here.

What banks do you support?

We work with all Australian banks to help businesses enable simpler consumer-to-business payments.

How quickly will I get my money with a Pay by Bank payment?

Within 2 Business Days

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