In a bid to advance its development strategy, Volt launched its secure, PayTo-based payment solution for its retail customers in Australia. Through this online digital payment solution, the company intends to simplify the payment experience for customers, eliminate credit card surcharges, and enable retailers to receive payments instantly.
Volt’s expansion strategy
Furthermore, Volt’s move follows Australia’s FCA report which underlined a 46% increase in scam-related complaints in the past financial year, with existing payment platforms being under scrutiny. As PayTo focuses on delivering improved security, the company’s merchants are set to receive the ability to accept payments instantly and minimise the risk of fraud associated with other online transactions. According to Volt’s officials, since the company entered the Australian market, its team has been working on finding new methods to add value to this region. Volt intended to build on its ability to merge improved payment experiences with the capabilities of real-time payment technology. Through its one-click payments, the company intends to provide Australian consumers with access to a simplified, convenient, and efficient payment process at checkout, while also merchants can obtain faster settlement times whilst mitigating risk and fraud.
More information about Volt
Prior to the current announcement, Volt obtained an Electronic Money Institution (EMI) licence from the Financial Conduct Authority (FCA) in the UK. Supporting the company in developing its cash management product, Connect, the licence allows Volt to issue virtual accounts to merchants, while also facilitating account-to-account payments from their customers. Merchants were enabled to receive real-time payment confirmation, thus getting improved visibility and control throughout the payment process.