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Banked, a global provider of Pay by Bank solutions, has partnered with National Australia Bank (NAB) to launch the PayTo payment option at Amazon’s Australian store.

The initiative aligns with the global rise in account-to-account (A2A) payment transactions, projected to reach 186 billion by 2029 due to their lower costs, enhanced security and better user experience.

Their collaboration is set to raise the profile of Pay by Bank in Australia, using Amazon’s platform to familiarise consumers with this payment method. Customers can now make direct bank-to-bank transactions when shopping on Amazon.com.au, offering a payment experience without the need for card details.

Brad Goodall, CEO of Banked, commented: “Enabling Amazon and NAB to launch PayTo in Australia is a huge step in cementing our position as a truly global Pay by Bank platform. Australia is an important market for us and we have worked closely with NAB to ensure Amazon’s PayTo sets a worldwide benchmark for account-to-account payments at scale.

“As more consumers become aware and familiarise themselves with the Pay by Bank experience through major brands like Amazon, we will see a snowball effect of uptake. This announcement today between NAB and Amazon will leapfrog Australia into a commanding position as an account-to-account payments global leader.”

Using ‘PayTo’

Customers shopping on Amazon.com.au now have the option to use ‘PayTo’ for Pay by Bank transactions directly from their bank accounts. This method bypasses the need for card details, aiming to enhance transaction security and user control. The ‘PayTo’ feature also allows for both visibility and control by enabling secure authorisation of transactions through the customer’s online banking platform.

Once set up as a payment method in their online banking, customers can initiate either one-off or recurring payments directly from their bank account with a single click, processed in real time.

Jon Adams, NAB executive, enterprise payments, also said: “It has been a pleasure working with the Banked team on this implementation. They understand tier one merchants and their global insight and experience puts NAB in a great position to provide the scale, security and customer experience that consumers and merchants like Amazon demand from their payment experiences.”

The Amazon launch caps Banked’s recent expansion in Australia through a partnership with NAB, aimed at boosting account-to-account payments for local merchants. This move also follows Banked’s acquisition of the Australian payment firm Waave, and precedes a strategic partnership with Chemist Warehouse to enhance the Pay by Bank experience by 2025.

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