Australia-based Waave and Quest Payment Systems have partnered with Chemist Warehouse to launch an Open Banking checkout option across the latter’s stores. Through this collaboration, Chemist Warehouse intends to provide an omnichannel Pay by Bank experience, with a QR code checkout option, in its 500 stores across Australia.

The partnership’s offering and objectives With Waave’s Pay by Bank Open Banking payment method, customers can directly pay from their bank account in real time. The solution eliminates payment scheme fees, focusing on minimising payment costs for merchants. Currently, Waave’s payment method is accepted by all Australian banks and offers improved security through the company’s Consumer Data Right accreditation governed by the ACCC.

By leveraging Pay by Bank, consumers receive a simple, secure, and surcharge-free alternative payment method to traditional cards. The solution does not require the involvement of any third party, as well as no entering or sharing of card details. In addition to receiving Waave’s capabilities, the collaboration also allows Quest, the payment solutions and terminal provider for Chemist Warehouse stores, to launch the Pay by Bank services as a QR-code scan alternative at the checkout alongside an online checkout option. With the QR option, customers can scan the code on the terminal and authorise the payment, not being required to have a physical bank card, a specific app, or a digital wallet on their device.

Moreover, customers can store on their Pay by Bank wallet multiple bank accounts, with the balance being displayed in real-time before authorising the purchase. According to Waave’s officials, the launch intends to support Australia’s Open Banking landscape, with the payment option being available at the terminal and allowing customers to connect with the bank without additional fees and risks. Furthermore, the collaboration supports Waave’s development strategy, as the introduction of the multi-channel Pay by Bank experience enables the company to further grow its footprint in the region. Representatives from Chemist Warehouse highlighted in their statement that, currently, customer transactions consist of mostly digital payments.

The company expressed its enthusiasm over the partnership with Quest, as it allows it to be one of the first businesses to introduce Waave’s Pay by Bank as a multi-channel checkout option and provide its customers with an enhanced payment journey. Quest’s representatives stated that the collaboration with Waave leverages Chemist Warehouse’s existing payment terminal, not requiring modifications to the Point of Sale (POS) integration. The company intends to support Chemist Warehouse as it launches Waave Pay by Bank across its store network and offers improved payment experiences to customers. .