Australia-based fintech Waave has introduced ‘Wallet’ to house its Pay by Bank product, a real-time account-to-account payment method with biometric security access. With millions of Australians impacted by cyber breaches in 2023, particularly in the retail space, issues such as password security and saved payment details are becoming increasingly problematic for merchants and consumers looking to protect themselves.

Waave’s Pay by Bank was launched in early 2023 out of frustration with the outdated and costly payment systems that stem from card dominance. Businesses across Australia are collectively paying close to USD 3 billion in merchant fees, and often these are passed onto consumers as surcharges or higher prices for goods and services, as per the press release. Augmenting payment security with biometric-driven Pay by Bank Waave’s Pay by Bank is Australia’s first account-to-account payment method powered by Open Banking and the New Payments Platform (NPP) to give consumers a free, secure, and instant payment experience that bypasses clunky, expensive, and risky card payments – all at a fraction of the cost to the merchant.

In addition to existing Open Banking security that includes strict industry data-sharing protocols, users to Waave now sign up to the Wallet (via web) upon first use. Within this, Waave has built a multi-factor authentication layer using modern biometric technology for the web. It allows customers to leverage their device fingerprint or Face ID to authenticate themselves before authorising the payment from their bank account.

This level of authentication reduces the risk of fraud and transaction disputes while maintaining a frictionless customer experience. Waave’s officials explained that users of Pay by Bank simply create their Waave Wallet, connect to their desired bank on first use and register their biometrics. Next time they go to pay for something, it will be as simple as scanning their face or fingerprint and then authorising the payment from their account - no entering names, passwords, card numbers, and with far greater security.

Later in 2024, users of Pay by Bank will also gain access within the Wallet to Waave’s revamped Insights tool, giving them the ability to track their expenses in one place. .