Volt, the UK-based real-time payments platform, has announced its launch in Australia. This marks the company's continued global expansion following its $60 million Series B funding round earlier this year.

UK Payments Startup Volt Expands to Australia

Volt has enabled real-time bank transfers between consumers and merchants. It already operates in the UK, Europe, and Brazil. With over 5,000 banks integrated into its network, Australia represents a significant new market entry for Volt and the real-time payments industry overall.

In Australia, Volt will partner with PayTo, a digital wallet Digital Wallet A digital wallet is a popular mechanism referring to an electronic device, online service, or software program that allows one party to make electronic transactions with another party.This involves the bartering or exchange of digital currency, including cryptocurrency for goods and services. Money can be deposited in the digital wallet prior to any transaction, which also includes an individual's bank account that is linked to the digital wallet. A digital wallet can include more than just digi A digital wallet is a popular mechanism referring to an electronic device, online service, or software program that allows one party to make electronic transactions with another party.This involves the bartering or exchange of digital currency, including cryptocurrency for goods and services. Money can be deposited in the digital wallet prior to any transaction, which also includes an individual's bank account that is linked to the digital wallet. A digital wallet can include more than just digi Read this Term provider, to bring account-to-account payments to consumers. Real-time payments are still relatively new in Australia compared to debit and credit cards. However, reports show growing consumer demand for faster payment options through open banking.

"I am excited to finally introduce our technology to the Australian market and begin our journey into the APAC region,” Tom Greenwood, the CEO of Volt, commented.

Megatix, an Australian ticketing platform, will be the first merchant to implement Volt's technology. It will allow customers to select "Instant Bank Transfer" at checkout. This gives buyers a faster, more secure payment method while helping Megatix avoid credit card fees.

The CEO of Megatix, Roshan Odhavji, added that Volt's real-time capabilities "will be transformative to the payments space."

To support the Australia launch, Volt plans to establish a local office and make new hires in the country soon. Recently, the company announced that Matt Komorowski joined Volt as the new CRO.

Australia Adopts New Payments Technology

A current study by Cognizant has placed Australia as a frontrunner in embracing novel payment technologies, ranking just behind China. Meanwhile, Juniper Research forecasts that the global value of open banking payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term will hit $330 billion by 2027.

“Australia trails only China as a leading market in new payments technology and adoption. While NPP is driving the new payment rails for open banking, companies like Afterpay have emerged outside these rails, showing customers are eager to adopt innovative financial products that deliver utility and convenience,” the report commented.