In a landmark deal set to put the spotlight on the continued global adoption of real-time account-to-account payments, Banked, a leading global Pay by Bank provider, today announced its acquisition of Australian payment technology firm Waave. This acquisition positions Banked at the forefront of Australia’s Pay by Bank market and establishes a strategic partnership with Chemist Warehouse, one of Australia’s largest and most iconic retailers, to deliver a world-class Pay by Bank experience.

The deal follows Banked’s recent entry into the Australian market in partnership with NAB, with the pair teaming up to deliver an innovative Pay by bank solution and accelerate the adoption of account-to-account payments for Australian merchants. 

A Critical Step in Building a Global Pay by Bank Network

The acquisition of Waave demonstrates a commitment from Banked to deliver on its vision to create a truly global Pay by Bank network, leveraging its expertise and technology to capture growing demand in new markets. With Pay by Bank gaining traction globally - highlighted by Walmart’s recent announcement to launch the solution in the US - Banked is seizing the opportunity to bring its advanced payment technology and consumer insights to the Australian market.

Australia is a key market for the business, and Banked is now working with leading banks and merchants to build the strongest Pay by Bank solution for local businesses and consumers. One business now at the front of the queue due to its existing relationship with Waave is Chemist Warehouse, which has big plans to activate a seamless and secure Pay by Bank solution in its online and in-store operations, launching in early 2025.

Chemist Warehouse: Leading by Example

The innovative work Chemist Warehouse and Waave have been doing to develop a low-cost, secure, and engaging consumer experience for Pay by Bank was considered a critical factor in the acquisition strategy. A leading merchant working directly with an exciting startup shaping how consumers use Pay by Bank both online and at the point of sale was seen by Banked as a compelling partnership. This supports how the business will continue to gain insights and develop the best PayTo product for merchants and consumers, ultimately aiming to win market share in the region.

The timing of this deal is aligned with the growing demand from merchants for reduced payment fees and the global shift toward real-time payments. With Walmart launching Pay by Bank in the US in 2025 and Visa recently announcing its account-to-account payments strategy in Europe and the UK, the acquisition signals Banked’s commitment to being a global leader in the space.

Strengthening Banked’s Position in Australia

By working with the strong pipeline of merchants that Waave brings - including Chemist Warehouse and other top-tier Australian retailers - Banked is gaining unique insights into merchant and consumer needs for Pay by Bank in Australia. 

Jack Gance, Founder and CEO of Chemist Warehouse, expressed his enthusiasm for the collaboration and strategic alliance: “We’re excited to see Waave join forces with Banked and we’re thrilled to be at the forefront of this payments revolution. For a business like ours, where cost and consumer choice is important, the ability to reduce transaction fees with a secure, real-time payment option is game-changing. I believe it is an important responsibility to our customers to ensure that the best user experience is developed for this new technology and we look forward to working with Banked as they continue to expand this innovative product in the Australian market.”

Brad Goodall, CEO of Banked, highlighted the strategic importance of the acquisition: “Acquiring Waave is a major step forward in our mission to expand our global payments network. Australia is a key market for us, and Waave’s technology and market presence align perfectly with our vision. By acquiring Waave’s Pay by Bank solution and integrating its product’s strengths with our own best-in-class product, we’ll gain access to the great brands already benefiting from their innovative payment technology. We’re excited to welcome Waave to the Banked group and continue driving the adoption of real-time payment solutions across Australia and beyond.”

Ben Zyl, CEO and Co-founder of Waave, added: “This is a milestone moment for Pay by Bank in Australia. We share Banked’s commitment to bring payments out of the dark ages and create a globally accessible payments network that is good for everybody. We are immensely proud of what our team has built and look forward to becoming an expanded team alongside Banked to lead payments innovation in this country.”