The first merchant in Australia to integrate Volt’s technology is Megatix
After a $60m series B funding round earlier this year, UK-based payments platform Volt has expanded into Australia. Launched in 2019, and on the back of a $23.5m series A round, Volt aims to expand across the globe.
It is established in the UK and Europe and entered the Brazilian market in 2021 with a network of more than 5,000 banks. Volt’s open payments gateway is designed to facilitate account-to-account payments for merchants.
The move to Australia comes at a time when the country is ranked second in the world for the adoption of new payments technology, following China, according to a report from Cognizant. Juniper Research projects that the value of open banking payments will reach $330bn globally by 2027.
Volt’s gateway will be integrated with PayTo, an Australian payment platform that allows customers to authorise and control payments directly from their bank account.
The first merchant in Australia to integrate Volt’s technology is Megatix, a ticketing platform. With Volt’s technology, Megatix customers in Australia can now pay by instant bank transfer, which also helps vendors to bypass credit card fees.
Tom Greenwood, founder and chief executive officer at Volt, said: “I am excited to introduce our technology to the Australian market and begin our journey into the APAC region.
“Our goal at Volt is to revolutionise the payments sector and create a solution that significantly benefits not only merchants who use our technology but their customers as well.”
He continued: “Australia is fast becoming a key market for many global businesses. And similarly to Brazil when we launched there, our introduction into this fast-growing market will be transformative to the payments space.”
Roshan Odhavji, chief executive officer of Megatix, added: “With Volt’s real-time payment capabilities, we’re now able to offer our customers a slick checkout experience and be the first in the market to do so.”
Looking ahead, Volt has plans to establish a physical presence in Australia and make several hires to solidify its position in the region.